Internet lingo for "What've you been doing?". Original illiterate meaning was "What you be doin'?"
"Hey, wybd?"
"Not much, just chillin'."
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A long-running internet joke stemming from the fact that Hugo Weaving played both Agent Smith in The Matrix and Elrond in The Lord of the Rings.
"Dude, it's like... Agent Smith and Elrond combined... AGENT ELROND!"
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