Decoding Teen Text Talk
Fox News ran a controversial segment about text messaging code and interviewed Erin Jansen. She explained "The purpose of posting the codes is to keep parents in the loop. This is stuff that's being used all across the Internet, in instant messaging, in chat rooms, in text messaging. There are spikes in the amount of usage for each acronym, and regional variations. Not every teenager is using each acronym, but all of them are things parents should be aware of."
You can see the full list on the web, but be warned there is some “adult” language on it: http://www.netlingo.com/top50/acronyms-for-parents.php