This is pretty funny. Jordan Lefler from Louisiana State University has written his master’s thesis on LOLspeak, the language used by I Can Has Cheezburger cats with image macros.
Lolspeak, which I characterize as an internet dialect of English that is used in conjunction with images of cats, exhibits distinctive variations and patterns which differ from those of standard English. Lolspeak has influenced other language use and may have a significant impact on the English language, due in part to the internet‟s role in the evolution of English (Crystal “Language and the Internet,” 2006:26-27). To approach this data, I created a multi-modal discourse transcription technique for analyzing Lolspeak utterances within the context of their images based on Grounded Theory (Glaser and Strauss “The Discovery of Grounded Theory” 2007:9). I implemented this technique with randomly collected Lolspeak data that I collected from the website http://www.icanhascheezburger.com. My work has dual future implications in that it could be used to further studies of Lolspeak or other internet dialects/ languages, and the transcription method I have invented could be beneficial to those looking at other forms of multi-modal discourse.
You can download the full .pdf of the 129-page thesis here