Can you do iOS style Keyboard Shortcuts in Mountain Lion?

It seems in the Mac world, keyboard shortcuts refers to stuff like "Command-V" to automate a function. However, in the iOS world, it means when texting, you can setup custom codes to shorten typing sentences. Like OMW means "On my Way!". You just type in the three letter code and the sentence/phrase appears to be selected.

Is this possible in OSX?

There's built in support like iOS:
System Preferences > Language & Text > Text

Or you can use a third party app like Text Expander

Dude you are awesome! That worked. Thanks a million.