Also short for: "oh my god what the fuck bull shit" (if you are new to acronyms)
"omgwtfbs iz wall haxizoring!!!!!" - Random crying noob who got lit up.
"omgwtfbs change your name or you will be banned because we are such hardcore tools/pussies that we do not allow acronyms that insinuate swear words on our server: Pussies R Us." - Admin who got owned.