Abbreviated
IM, a type of communications service that enables you to create a kind of private
chat room with another individual in order to communicate in
real time over the
Internet, analagous to a telephone conversation but using
text-based, not voice-based, communication. Typically, the instant messaging system alerts you whenever somebody on your private list is online. You can then initiate a chat session with that particular individual.
See the page of text messaging abbreviations in the Quick Reference section of Webopedia.