Evan Davis, one of the presenters on Radio 4's Today programme, was pulled up for saying that the text abbreviation LOL meant 'lots of laughs', when it actually stands for 'laughing out loud'. LOL is an abbreviation used in several different ways, according to Fiona Macpherson of the OED, who was interviewed by Evan this morning (available for another week here); some people mean 'lots of love' when they write LOL in a text.
The most common texting abbreviation, according to Fiona Macpherson, is probably OMG, or 'Oh, my God!' (not as new as you might think -- it was first used in a letter in 1917). She also went on to say that these days expressions that were coined to save time and characters when tweeting (such as the ruder WTF) are now being used - in their abbreviated form - in speech. Certainly these coined abbreviated terms seem to take on a life of their own. Evan Davis felt quite uncomfortable saying some of the common abbreviated expletives (such as FFS, for f....'s sake) on the radio, even though he was only saying three letters, and probably many listeners would not have understood him anyway.
Listen to the short interview here; it will be available for another week.