The Global Language Monitor has announced the one-millionth English word is 'Web 2.0'. This is not being universally accepted. That is because there is no real definition of what constitutes a legitimate English word. Global Language Monitor's president counters that their count is based on their clearly defined criteria.
More at http://tech.yahoo.com/news/nm/20090610/tc_nm/us_word_millionth_life_tech.