Time.com catches up with the lolcat phenomenon:

Fans can watch the layers pile up in real time. I CAN HAS CHEEZBURGER? has already begotten a gray cat licking its chops and saying I DID HAS CHEEZBURGER–and has jumped species to include a white bunny, its mouth open wide, saying INVISIBLE CHEEZBURGER. Further interspecies hybridization has produced loldogs, lolbirds, lolhamsters, lolmice and–a little masterpiece of verbal economy–the tusked, amphibious lolrus. (The I HAS A BUCKET lolrus, starring a tragic walrus deprived of its only possession, is threatening to spin off into a freestanding meme in its own right.) Humans are also fair game: there are lolgeeks, lolgays and lolbrarians. A popular image of Nancy Pelosi being sworn in as Speaker of the House has been given the caption I’M IN UR HOUSE IMPEACHING UR DOODZ.

See for yourself here. Personally, I prefer this:

Many more lolcats at I Can Has Cheezburger.