A social experiment started by Matthew Milan (Rick_Feynman) and James Curbo (hannibal)in January 2003 to explore methods of speading and popularizing internet memes. It was also a mocking jab at people who practiced "leet-speak".
Originally meant to be a more intense version of 'OMG' - who knows what it means now.
Originally 'launched' in two places, the Toronto Raptors Usenet Group and the Raspberry Heaven Direct Connect hub. From there it spread into the anime fan-subbing community, the Something Awful forums and the 4-chan Image Boards.
See other posted entries.