The word wranglers at Merriam-Webster have, after 49 long years, admitted 'ginormous' into the company's collegiate dictionary. Other newly approved words include crunk (southern rap music), and the abbreviations DVR and IED. Also admitted to the class of 2007 were smackdowns, telenovas, gray literature, and microgreen. Look them up in the dictionary.
Merriam-Webster president John Morse explained the company's standard for admission, "...it's become a part of our language. It's used by professional writers in mainstream publications. It clearly has staying power." So if it shows up enough in print a new word gets in...eventually.