Think back to 2004, when 90 million Super Bowl viewers watched as Justin Timberlake sang 'Gonna have you naked by the end of this song' and then ripped off Janet Jackson's bustier to expose half her rack. (Granted it was covered by a pastie.) While 'Nipplegate' ended up costing CBS $550,000 in FCC fines, it also introduced 'wardrobe malfunction' to the American lexicon and, frankly, the world hasn't been the same since.
In fact, due to 'nipplegate,' 'wardrobe malfunction' was actually nominated for the 2004 'Word of the Year' by the American Dialect Society. However it lost out because it was technically not coined that year. Such a shame! (Source)