IcU means "I'm cool, you?". It is sometimes used in chatrooms for typing faster.
Bill: "Hey dude, how is it?"
John: "IcU?"
Bill: "Yeah, I'm fine."
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To be rocking out on the game 'Rockband', a sort of musical rythm game with plastic guitars and colorful buttons.
What now, Mom? I can't go now, I'm Rockbanding the fuck out of Jessie here!