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Back in June, Max Read demanded that everybody stop saying derp, on the grounds that "you sound... you sound... like idiots." Of course, he was wrong. I'm gratified to see that the Oxford Dictionaries agrees.
According to Oxford, derp is a mass noun meaning "foolishness or stupidity" or an exclamation "used as a substitute for speech regarded as meaningless or stupid, or to comment on a foolish or stupid action." Herp derp is also an acceptable form for the latter meaning.
It's not quite the Bayesian probability-based definition we like—all derp is stupid, but only a specific kind of stupidity is derp—but we'll take it. Maybe in the next edition, Oxford will clean up the definition a little bit and also add the adjectival form, derpy.
This article has been updated to reflect the fact that "derp" has been added to the Oxford Dictionaries Online. It has not been added to Oxford's flagship volume, the Oxford English Dictionary. Not yet, anyway.