Contrary to popular belief, "Lorem ipsum" is not simply random text. It is actually over 2000 years old and it has roots in a piece of classical Latin literature from 45 BC. "Lorem ipsum" comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) written in 45 BC by Marcus Tullius Cicero.
The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.
"Lorem ipsum" is simply dummy text of the printing and typesetting industry. It has been the industry's standard dummy text ever since the 1500s.
It has been popularised "recently" with desktop publishing software and in the 1960s with the release of Letraset sheets containing "Lorem ipsum" passages.
Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for "Lorem ipsum" will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).