it's cool to abbreviate a lot these days. here's a list of some favs from the hip and happening

LOL: short for Lousy Old Layabout. shortening it keeps it trendy. must be pronounced in uppercase. add periods if you want more emphasis
pwn: short for "pawn." emphasis on how unoriginal or easily swayed they are. eg, "God, did you see that, that was such a pwn."
wifi: pronounced "whiffy," used to decry someone's lack of hygiene. can be metaphorical. as in, say, "I don't understand this wifi here at all."

it's a short list because it's also abbreviated. hope this helps. gl