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1.
An ingenious remix of 'omg' (oh my god) in which god is replaced with the chinese 糟糕 (zao gao - too bad; how terrible; what bad luck) to exclaim a state of extreme unpleasant shock.

Correct Response: “What?”
Jenny: "The Kid Cudi concert is sold out."
Katie: "OMZG, really?!"
Jenny: "What?"
Katie: "O-M-Z-G. You know, ‘oh my zao gao.’
Jenny: "Why am I friends with you?"
by ashy washy May 04, 2010
 
2.
OMZG stands for Oh My Zulu God. Zulu is an African God so if you are IM Chatting with someone... darker then you can say OMZG. They might not know what it means. But if they do, well, sorry!
OMZG Used in an IM Chat.

AfricanPrincess: Major Celeb Gossip!

MadameRUDE: OMZG!

AfricanPrincess: What does that meen?

MadameRUDE: ... Nothing...
by MSNQueen May 21, 2009