Some company in Texas is trying to get attention by making silly claims:

"The Global Language Monitor (GLM), based in Austin, has computed that a neologism is created on average every 98 minutes, and claims that the millionth word will be established today." http://www.guardian.co.uk/books/2009/jun/10/e...

"Global Language Monitor (GLM) searches the internet for newly coined terms, and once a word or phrase has been used 25,000 times, it recognises it.
GLM said Web 2.0 beat out the terms Jai ho, N00b and slumdog to take top spot." http://news.bbc.co.uk/2/hi/americas/8092549.stm

No mention of how they define "word" or "use", unfortunately :-D