I just read a good article about respellings, such as "phat" (meaning very good or sexy), "phishing" (meaning attending a Phish concert), or "phood" (meaning nutritionally enhanced products.) Jesse Sheidlower who runs the American office of the OED calls this "very flexible orthography."

There were many other examples, and now evidently the kraze of "K" is taking off too. However, the discussion of "OK" was interesting, which they described as the most American of words (I didn't know that!). Apparently it started with "oll korrect," which changed to "OK," first appearing in print on March 23, 1839.

I assume this kraze is mostly American?

Kewl !!

Michael Quinion has, as so often, an excellent article on "OK" at World Wide Words.

More is at The Word Detective.

Doesn't phishing also have a web meaning, something like trying to get people to send you their bank details over the internet?

Yes, it's probably related to the use of ph in phone phreaking (for hacking Ma Bell).