A few months ago, elderly wing commanders in Surrey (and other Telegraph readers) were appalled to discover that the OED had included internet acronym LOL and vaguely blasphemous initialism OMG in its pages, so it's not as if the OED isn't used to causing a bit of controversy. But as Graeme Diamond, chief editor of new words, explains, adding words to the OED is not about trying to change the language but reflect actual usage: "You have to show that the word has been in usage for a decent length of time and, most importantly, that the word is used and understood by a wide audience".
from http://www.fastcompany.com/magazine/107/next-essay-sidebar.html |
Michael Quinion has written about cool's development as a slang term here, and there's more from the British Library here, but it's clear that if cool is still evolving, with new uses and spellings, it's a healthy word in a healthy language.