This shortened language is not just limited to text, but also has firm roots in instant messaging and e-mail as well. Something as simple as expressing mirth has a dizzying number of combinations.
Text speak-English dictionary follows.
You will notice that some of the forms are longer than what we use on CW. For example, the familiar
CUL in CW becomes
CUL8R in Text speak.
http://tech.uk.msn.com/features/article.aspx?cp-documentid=4890569