Oxford Dictionary Online adds the word "phablet", along with "selfie", "emoji", and "tl;dr"
The Oxford Dictionary is often considered to be the standard bearer for the English language. A word just isn't a word until it makes it into the Oxford dictionary. Well, Oxford Dictionary Online (ODO) has announced a number of new entries into the dictionary, and a handful of them are ones that you are likely to see in our articles or comment threads quite often, including "phablet".
The full list can be found at the source, but the words that you're likely to see around here in our articles that have been added to the ODO are: phablet, selfie, emoji, bitcoin, Internet of things, and geek chic. If you wander into our comment threads, you may also see newly added words like: derp, tl;dr, srsly, digital detox, grats, or jorts (we know you guys love jorts).
These are all words and terms that have apparently come into general usage, which means they get added to the dictionary. So, since srsly and tl;dr are now in the dictionary, we can officially say that you don't need to know how to read or write in order to be accepted by Oxford. Hurray for language evolution!