Have you ever wondered how kids can text so quickly? In part, it's because they use abbreviations of most common words and phrases. Many of these abbreviations originated in Instant Message (IM) programs and are now used in text messages.
Webopedia has a fairly comprehensive dictionary of common text message abbreviations. Most of the objectionable terms have been substituted by more "palatable" words, so you may have to use your imagination to get the real meaning of some of them.
You can view the list here.