Oh hell yes. I went through a lot of that crap when I was a kid and at school. I would usually ask them to explain whatever it was they were talking about, if I didn't know. Some of them would explain it, but most of them laughed and razzed me for not knowing whatever it was. I just walked away and let them have their laughs.
People that pick on others over nonsense like that are bullies that haven't got anything better to do, IMHO.
Of course now being older and (hopefully somewhat) wiser, I've learned most of that stuff about sex and drugs. As one of the earlier posts said, Urban Dictionary is a great resource for deciphering slang and street talk.
As far as pop culture goes, I tend to ignore most of it because so much of it has gotten to be stupid reality TV, or trashy celebrity gossip that isn't worth wasting my time on, as far as I'm concerned. Being a music guy, I do keep up with what's going on with that for the most part.
The only one that ever really bothered me was when I started high school. This guy that played guitar in a local band had recently played at a dance (and was a student) at our school. He was a really good guitar player, so I tried to befriend him. All he would ever say to me is, "What are you into?" No matter what I said back to him, he just repeated the same question, over and over. To this day, I still don't understand what he wanted to know.
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You can't tell which way the train went by looking at the tracks.