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What you think it means: A way to add emphasis to any sentence, as in: "Justin Bieber's pants are literally the worst thing ever."

What it actually means: In a literal or strict sense, i.e., something that really happened, without exaggeration or inaccuracy.

However, the Oxford English Dictionary admitted in 2011 that the common usage of literally to add emphasis had become so widespread that it was forced to alter its definition slightly.