There is a commercial for a mobile company that has been on recently where a mother confronts her family about their texting habits and the resulting conversation breaks down into the kids and the grandmother talking only in texting acronyms. The mother observes all of this trying to make sense of the conversation. The funniest part of the commercial is the grandmother; she creates a humorous cognitive dissonance with the viewers because she is fluent in the same language that the youngsters are speaking back to their mom. The exasperated mom continues on in regular english and if it wasn't for the subtitles I think many adults (at least the ones that aren't up on chat lingo) might feel like clueless digital tourists in a land of digital natives.
If you are a digital tourist there are books that will translate this language for you. If you need on the fly translation at a computer there are websites as well. ttyl bbs gl