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Dictionary.reference.com is a good reference for normal words. Hypoventilation is in fact in there (hypoventilation - Definitions from Dictionary.com). Slang is, by definition, abnormal words: Either words that don't exist at all in the formal language (shizzle, for example), or words that are used in a way that's different from their formal definition (e.g. sup). Slang won't, in general, show up in a formal reference.
People use it because it means what they want to say, same as any 'real' word. The only difference between slang and words in the formal language is that the slang hasn't been accepted (yet) by the people who decide what is part of the language.
never knew there was a hypo and hyper ventilation, interesting,
But getting back to "is it really a word" I mean we could have a whole thread about something like this, anyone can make up a word and start using it. These would be neologisms, the simpsons is famous for this, they have made up dozens of words and some have been added to the dictionary (d'oh was in the last merriam webster dictionary)
never knew there was a hypo and hyper ventilation, interesting,
But getting back to "is it really a word" I mean we could have a whole thread about something like this, anyone can make up a word and start using it. These would be neologisms, the simpsons is famous for this, they have made up dozens of words and some have been added to the dictionary (d'oh was in the last merriam webster dictionary)