Once when I was working at Vice, Pat O'Dell explained to us why he called his skateboarding show Epicly Later'd, but now I forget what he said. I think it was just two words he and his friends used all the time: "epic" for "cool" and "later" for "not cool."
That theory seems to be supported by the fact that Hollister, purveyors of fake South California surfing lifestyle equipment, have called their new dude-perfume "The Epic Hollister Cologne." I was like totally blown away when I saw an ad for this in Mexico City the other day.
For a piercing cultural criticism of Hollister's epic/later new Manhattan flagship store, the phenomenon of immersive retail, and more reasons why I will probably never go to California, see young Molly Young's piece in the current Believer. Here's the best line:
"In an era of T9 input, text messages begun with I would automatically fill in mstoned."