New-ish slang that's been floating around the IRC channel for a while:
Reaction to something that's so confusing, random, insane, or hilarious that all you can do is say "LOL, what?!" Refers to the lolwut.com pear. Often used in chat/IRC/social networking sites/blogs when sharing a link to a crazy website with your friends, or used in reaction to a crazy website someone has shared with you.
JD: *pear* catonfire.jpg
Jen: OMG WTF.
Abe: LOL, OMFG.
Molly: Is this guy drunk or just crazy? crotch_on_fire.avi
Steve: OMFG OW WTF MORON.
(Speaking of crotch on fire: anyone have that insane video?)