Emoticons

Emotions are your feelings towards certain situation.
An emoticon is a way to express an emotion over the internet with out typing the emotion itself.

Examples of emoticons :
: ) Happy
: ( Sad
: D Excited
: Upset
; ) Just kidding
: D* Drooling
: p Making fun
:'( Crying
>:( Mad
:) Unibrow

An acronym is short hand for a pharse, usually used over IM or texting.

Examples of acronyms :
ILY : I Love You
OMG : Oh My Gosh
BRB : Be Right Back
IDK : I Dont Know
IDC : I Dont Care
LOL : Laugh Out Loud
ROFL : Rolling On the Floor Laughing
BC : Because
MSG : Message
G2G: Got to Go