The Word of the Day is “exegesis:”

Exposition; explanation; especially, a critical explanation of a text.

The Oxford Word of the Year is “unfriend:”

To remove someone as a ‘friend’ on a social networking site such as Facebook.

Runners up included:

Zombie bank – a financial institution whose liabilities are greater than its assets, but which continues to operate because of government support

Teabagger – a person, who protests President Obama’s tax policies and stimulus package, often through local demonstrations known as “Tea Party” protests (in allusion to the Boston Tea Party of 1773)

Deleb – a dead celebrity

I think the Oxford editors had a bad year financially and on social networks, perhaps.