It's original definition was "Mini Internal Chuckle" (also written occasionally as "Mild inner Laugh"), used as a brief acronym to denote great amusement in chat conversations.
Invented to replace the inane "LOL" - which as well as being fucking annoying - is also bullshit as no-one ever "Laughs out Loud" when reading the musing of turds on the internet
Turd: LOL, that was funny
Turd2: MIC, not really - however, we're laughing at you, not with you.
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Fanny, fannying or fannies - to mess around like a moron - more than likely to "dither" around, as in: make a lot of fuss and look like you're doing something but acheiving diddly-squat
"Oi, stop fannying about and get those bricks up that ladder now dickhead"
"Listen you bunch of fannies - I need this doing now"
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