I've searched the archives from 2003 through January 1, 2009 for the frequency of some of the funniest Loungisms extant, by thread count. If, as you say, the merciless beating of a word or phrase enhances its comedic value, then let's look at the development of some of the funniest words and phrases ever posted:
"Kitteh"
Let's start with 'kitteh'. This coinage was likely popularized by the website icanhazcheezburger.com, and its use in the Lounge reflects how fast its humor level is growing:

Before the appearance of icanhazcheezburger in 2007, there were no instances of the word 'kitteh' in Lounge posts. In its first year, 243 threads contained 'kitteh'. In 2008, 977 threads contained this humorous nugget. It's literally 4x funnier than it was in 2007!
"Nice post, ___"
One of the first known uses of the 'Nice Post' construction was by Stop The Morans in his thread entitled "Nice Post, Hitler" on December 8, 2005. An instant Lounge classic, its humorous appeal was imediately evident. But look at how much funnier it has gotten since then:
(Note: data includes thread titles with either 'nice' or 'post' or 'nice post')
In its first year of usage (2006), the appearance of the words 'nice' and 'post' in Lounge thread titles actually declined. But then, in 2007, the Lounge resurrected this construction and made it not just funny, but downright hilarious. Threads containing these words in the title grew to 472 in 2007 and an astounding 1,069 in 2008.
"Pev"

(Note: Threads containing the string 'pev', including such words as 'grapevine')
Threads containing the word 'pev' are also increasing in hilarity, but despite huge growth from 2006 to 2007, showed a disturbing slowdown in humor growth rate from 2007 to 2008. However, the good news is that the trend is still on the rise for the comedic value of this Lounge favorite.
"Teh"
Long an artifact of fumble-fingered or hurried typists attempting to write 'the', 'teh' has always had an intrinsic amusement value. Nowhere is this more evident than in the hard work of the members of the Lounge, who are expending untold energy to make this modest misspelled article the funniest usage on DU, if not the internet as a whole.

Note that after a precipitous decline in thread count from 2005-2006 from 1,241 to a mere 688, Lounge humorists redoubled their efforts, and have restored the amusement value of 'teh', and increased it nearly five-fold through 2008. Nice work, everyone.