Ikea hacking: A do-it-yourselfer trend where users take Ikea products and re-mix them into something else. See examples at ikeahacker.blogspot.com
Branded widget: A stylized RSS feed that resides on a desktop or blog with brand wraps and signage.
Godcasts: Religious podcasts the younger demographic uses to get religion or spiritual guidance on their own time.
Anche Chung: First real-life millionaire from the virtual-reality game Second Life.
Tuanguo: An Asian phenomenon where groups collectively pick a store and demand preferred pricing. Mobs of 500 or so are not uncommon; neither is the store closing its doors and offering 30% discounts to the group.
SixDegrees.org: Actor Kevin Bacon founded this charitable initiative to connect causes and drum up donations both big and small.
SellaBand.com: Spend $10 to buy a share of an up-and-coming band (or if you're a band, cash in with backers of your own).
Nikemashup.com: New Nike site where you can make your own commercial using stock visuals, graphics and sound.
Hypemachine.com: Aggregating website that tracks songs, plus music news and blog discussions to show the most popular music topics in real time.
text slang interpretations:
Book: Cool (perceptive text correctors read mistype of cool as "book").
404: "I have no clue." Can also refer to a person who is clueless (comes from the web error message 404 Not Found).
IG2G: I've got to go.
T@YL: Talk at you later.