What makes a word "real"?

TED Talk - What makes a word 'real'?

• A word can be real even if it doesn't appear in a dictionary - who writes dictionaries?
• "Look it up in the dictionary" - suggests all dictionaries are the same. We seemingly treat dictionaries as unauthored, as though they're right and people don't look at them critically.
• Do slang words fill a gap in the English language? 
• There's an overlap between the words on the 'banned' words from Lake Superior State University and recent words of the year/candidates for word of the year - dependent on attitudes.
• Complaints about new words are a long running tradition.
• Some dictionaries include usage notes to clarify words which are in some way troublesome - e.g. 'peruse' means to read carefully/thoroughly, but it also means to glance over/skim - based on usage and surveys (e.g. The Usage Panel)
• Dictionary features such as usage notes can give you an idea of the opinions of usage, but shouldn't tell you how to use it. You may dislike a particular usage of a word, as may editors of dictionaries, but that doesn't mean it shouldn't be used in that way or that you have the right to stop others/suggest others shouldn't use it - e.g. 'literally'
• A word gets into the dictionary because we use it and we keep using it - this allows society to decide what words mean
• If a community are using a word and understand what it means, that word is real.