interesting how language changes. The Oxford English Dictionary has officially added OMG (Oh My God), LOL (Laughing Out Loud), and FYI (For Your Information) as words, and not just acronyms.
For the March 2011 release of OED Online, we have selected for publication a number of noteworthy initialisms—abbreviations consisting of the initial letters of a name or expression. Some of these—such as OMG [OMG int. (and n.) and adj.]: ‘Oh my God’ (or sometimes ‘gosh’, ‘goodness’, etc.) and LOL [LOL int. and n./2]: ‘laughing out loud’—are strongly associated with the language of electronic communications (email, texting, social networks, blogs, and so on). They join other entries of this sort: IMHO (‘in my humble opinion’) [IMHO at I n./1], TMI (‘too much information’) [TMI at T n.], and BFF (‘best friends forever’) [BFF at B n.], among others.