Phailology is the study of phailing. Many people on the internet love phailology and study it.. Phailology is performed by many people on /b/, something awful and many other online communities.
Bob: Hey Jim! I just got my PhD degree in phailology!
Bob: I went on forchonz and I started pissing people off.
Jim: But how'd you get the degree?
Bob: idk u noobz0rz lulz