My twins turn two on the 26th, and are finally starting to really take off on talking (they're in speech therapy), which is great, because I finally have some gems to post!
Their toothbrushes have Elmo on them, and the first time they saw them, they went "Elbo! Elbo!" So, Elmo is now Elbo in our house.
Also, my son's favorite word is "cookie." He says it incredibly clearly, and while it usually mean he does want a cookie, it sometimes mean bagel. So, it'll go like this:
Son: Cookie! Cookie! (Points to refrigerator, which isn't where we have any cookies)
Me: Do you want a bagel?
Son: (nods head) Ba-el (or something that approximates bagel)!