Isn't "Identity Theft" two words?

And don't they both already have valid definitions in the dictionary? Same with digital camera. Since when did they start putting phrases in the dictionary, anyway? And "street cred," are they kidding? Cred isn't even a word, and for good reason. Are they going to add any popular slang or abbreviated words? WMD?? That's not a word, come on. Have they put "lol" in there yet? Ridiculous.