Coin a word, win $240 of music
Just a quick note to note a fun contest for any neologisers who might be reading. Valleywag is offering $240 worth of iTunes tunes for the best Valleyspeak neologism: Valleyspeak Contest.
I can't think of any good Valley neologisms at the moment. One thing though I heard recently which is kind of interesting is the polite version of hella, which is hecka. (from NoCal rather than the Valley, but close enough.)
I wasn't aware that hella could actually be considered offensive, but apparently it is and so from hell/heck we get hella/hecka. Here are some examples from Urbandictionary. It seems to enjoy a quite diverse syntactic distribution.