It doesn’t tend to happen quite as productively or organically for the Latin community as it would normally for a more modern tongue. In most languages, the number of competent speakers greatly overwhelm the coterie of experts. So, even though we still treat the entry of a new word into Webster’s Dictionary as though it were a pronouncement from oracles, it’s really that lexicographers have to respond to what the language is actually doing, and one of those tasks they are set to is to separate those flash-in-the-pan coinages from ones that there will be a lasting need to be able to look up. The actual speakers are the authority, and the experts are taking their cues from them.
Not so in Latin. By its very nature as a language with a somewhat steep and intimidating entry requirement, the Latin community is unusually rich with experts. Furthermore, even people who will flay you for calling Latin a “dead language” are highly resistant to the kinds of innovation that come naturally to a living one. There are those who are hostile even to translating comics like Donald Duck or Asterix into Latin. Innovation in French may be discouraged from on high, but innovation in Latin is discouraged from all around, because it’s all on high.
The Latin Vicapaedia, being a reference work project, does not innovate if it can help it because that’s not the job of a reference work. So, to explain the modern world it relies heavily on any usages it can cite from the last great period of innovation in Latin – the Neo-Latin period, in which Latin was the Lingua Franca of science and scholarship. At that time, people used Latin not as a kind of nerdy hobby but as an actual tool of communication. They used it.
So, where can new usages propagate? There are very few places where a new coinage can just be dropped in. In Schola, the Latin social networking site, they only demand that you write in Latin, and are friendly to innovation, but even there a new usage is more likely to provoke discussion than to actually propagate.
In fact, most new coinages in Latin propagate through being compiled: Furman’s Lexicon, which I believe is a compilation of the outcome of years of a Latin listserv, is quite often cited, and it itself is the distillation of innovative coinages from other lexicons. The other source most often utilized is the Conversational Latin and the English-to-Latin section of Bantam College Latin & English Dictionary, both by John Traupman. The Vatican has a department that decides on new coinages, and they have a Latina Recentis. And there are other sources used by people who don’t speak English. But, basically, the upshot is this – you get new coinages into Latin by being the one compiling the lexicon.