Sometimes used to disguise actual meaning when the company around you would take offense to you saying "old man cock."
As in, you can't interact with a webcam (ie. on Chatroulette) without some old man cock popping up on the screen once in a while.
You know who has the best OMC? Your dad.
Used in fanfiction when an original character is inserted into an already existing set of characters/fandom. Often shunned due to fear of Gary Stus, hence it is given as a warning.
See also: OFC
I'm terrified to use my OMC because some might think of him as a Gary Stu.
Referring to the almost godlike compassion and restraint that the character Carlisle Cullen exhibits in the Twilight series by Stephenie Meyer.
Bella: OMC Edward, please say you're kidding!