Memes have been perverted from their beautiful 4chan days and turned into another one of pop culture's victims. The two rows of white Impact font over repetitive images are hardly the level of hilarious sophistication I once loved. Some friends of mine at Michigan built Buddy Meme, a website for making such memes out of your Facebook friends, which is so outrageous that I helped them build their meme generator.
Many sites have server or Flash-based meme generators, but Meme.js is an HTML5 canvas-based version. This has many advantages; no constantly pinging the server for updates, no Flash, and no Flash. Go take a look -- it's a small library that aims to make meming easy.