Yes one I heard of was that, it originally derived from the phrase "all correct", meaning "all right, all cool". And I forgot what presicely the period was, during which, the people strangely became interested in creating "wrong-spellings" on purpose, like we creating those online terms "lol", "I lav u" so forth today. And as a result, the "all correct" was misspelt as "oll korrect", see?

No, actually, I've never thought about it. But a quick Google search for the "etymology of OK" gives tons of results (give it a try! Google is your friend). =D Here's one explanation from this site: http://boingboing.net/2010/11/23/etymology-of-ok.html "Today, "OK" is probably one of the most universally known English words. But it originated in 1839 as a joke, mocking the semi-literate, who supposedly spelled "all correct" as "oll korrect". Basically, OK was the "Get a Brain! MORANS" of its day." There are more explanations elsewhere! =)