I'm with Brian Butterfield, theycallmemellojello and others on this. I hate the usage but if it's becoming widespread in due course it will be in the OED. The OED is descriptive, not prescriptive. It records what is happening in the English language. It doesn't tell us what we should be saying. It is unfortunately unarguable that 'should of', 'could of' and 'would of' are being seen more and more, along with innumerable misspellings like 'chester draws', 'defiantly' and 'discusting'. My hunch is this is because two decades ago people who struggled with writing grammatically correct English could avoid writing, and most texts were fairly carefully proofread before publication. Now people are texting and using Facebook whether they feel comfortable with spelling or not. Proofreading seems to be a thing of the past now that the priority with news is getting it onto the web asap. The more often a person sees a wrong spelling or usage, the more credible and familiar it seems, so it spreads.
But, on the other hand, the English regarded as correct English is much more codified and written down than it used to be, as there are more and more textbooks recording and teaching English. A huge number of English speakers are those who have studied it as a second language, and they will be exposed to the correct patterns in their textbooks. They will see forms like "could of" as a mistake that poorly educated native speakers might make, rather than something they should use. The form into which English will evolve is no longer confined to English-speaking countries.
The OED does (or, at least, used to) tell us what we should be saying. I don't have one to hand, so I had to look online, but of "ain't" it says
"Usage
The use of ain’t was widespread in the 18th century, typically as a contraction for am not. It is still perfectly normal in many dialects and informal speech in both Britain and North America. Today, however, it does not form part of standard English and should never be used in formal or written contexts."
If you have a physical copy to hand, then I would be interested to know what it says, but the last time I looked it one, to show my wife, it said that ain't was considered to be unacceptable and uneducated English.