most people studying linguistics know about the concept of "the evolution of a language." i use it all the time when i make up words that strictly aren't a part of english but people listening know exactly what i am talking about. eventually the term or noun becomes used by a larger portion of the population, and in extreme cases will get entered into the OED. more commonly, the word will live on in urban dictionary.
current words looking to make it big:
so just think about it children: if you want to make it in the world of literary legitimacy, all you need to do is be wrong long enough and enough supporters thinking you are right.