This idea is part of the A Dollar Worth of Ideas series, with potential open source, research or data science projects or contributions for people to pursue. I would be interested in mentoring some of them. Just contact me for details.
New words and expressions are created all the time. Twitter is a great place to find them. By using Word Embeddings, it should be possible to give them a meaning based on other words and expressions appearing in similar contexts. This dynamic dictionaries can then be evaluated against the Urban Dictionary.