Common use does not make it right. People using litterally in this way are just showcasing their ignorance.
http://english.blogoverflow.com/2012/10/prescriptivism-and-d...
In fact, this is the very mechanism by which language evolves.
I have to admit I thought the same as you until someone pointed this out.
Is this Pretentious Twaddlese for "stupid"?
https://en.wikipedia.org/wiki/Muphry%27s_law
"litterally" only has one t in it.
Yes, it does. There is no "right" in language use beyond communication with the target audience. What people understand a word to mean is all there is.