From the Sitemeter files, I draw this gem of a search.
On the one hand, it sounds like a cool new word. "Did you hear about the latest social networking popularity contest?" "Yeah, it's a real twitelection."
On the other hand, it sounds like the best send-up of the U.S. political process I've heard in a while. "Yeah, I hear it's going to be a real twitelection come November."
Take your pick. I'm not convinced that they're not to a certain degree interchangeable definitions.