This right here is an article explaining the LOLcats phenomenon written in stuffy Wall Street Journal language - perfect for explaining LOLcats to your boss.
Mr. Nakagawa's simple Web site has become the center of the "LOLcats" phenomenon, a booming online subculture built around digital images and deliberately bad grammar.
So, primer for your boss, or... unintentional comedy gold!
With 'LOLcats' Internet Fad, Anyone Can Get In on the Joke [The Wall Street Journal]
Thanks for the link, Anth. :)