OMFG?! WTF M8, u 4 rl? Yes, we certainly are. Internet slang such as ‘OMG' and ‘LOL' have been added to the March 2011 release of the OED Online dictionary.
These abbreviations join those such as TMI (too much information) and BFF (best friends forever) in the newest update to the English vocabulary. OED says that on the Internet or on texts “initialisms are quicker to type than the full forms, and (in the case of text messages, or Twitter, for example) they help to say more in media where there is a limit to a number of characters one may use in a single message.” No sh*t sherlock.
OMG and LOL however have been found “outside of electronic contexts, The intention is usually to signal an informal, gossipy mode of expression, and perhaps parody the level of unreflective enthusiasm or overstatement that can sometimes appear in online discourse, while at the same time marking oneself as an ‘insider' au fait with the forms of expression associated with the latest technology.”
What is particularly interesting however is that OED has researched a little and found that these terms weren't just invented by some spotty net kiddies. The first quotation of OMG was in a personal letter listed in 1917 and FYI originated in 1941. In 1960 LOL was used as an abbreviation for ‘little old lady'. Not sure, that translation works anymore.
KitGuru says: Other non tech related terms such as couch surfing, rub-a-dub and wassup also made the grade. Oh boy.