Following my last post I have tracked down the Spanish equivalent to the French Academie Francaise; it's called La Real Academia Española. I imagine it has a lot to say on the modern use (especially by mobile phone users) of Spanish. You can find some good examples of cartoons with modern language use at sites like "La Kodorniz" where que becomes ke etc.
The Real Academia Española has the dictionary online, so if you hear a new word you can look it up. Of course all the explanations are in Spanish! I'm still trying to decipher chiflar.