Interwebz points (or interwebs points) are an unofficial currency of internet chatrooms and discussion boards. They don't count for anything, but some folks still "collect" them as a badge of honor. Originally used positively as a means of recognizing another's kindness, may also be used sarcastically to highlight another's status as a noob.
Thanks for the awesome vacation suggestion, TheTopDog, +10 interwebz points for you. ASSMUNCH1337, your suggestion sucked, -1,000 interwebz points for you.
Having successfully completed a session of doing whatever you wanted on the internet.
Present tense is "interwebbing", the act of currently being online and fulfilling your online needs.
Derived from "interwebs", which may have came from "interweb", as well as "internets", which was obviously from "internet".
After having checked my email/myspace/rvb/facebook/news/<insert other regular online activity here>, I felt well-interwebbed as I quit <insert browser name here>.
the internet; often used in conversations that denigrate the quality or reliability of information that can be found on any given subject through the use of search engines.
"I read on Wikipedia that dude died last year, but there he is on that live talk show. WTF?"
"Oh yeah, you read it on teh interwebz so it must be true, right? </sarcasm>"