Don’t know how new it is actually, but the BBC presenter on this week’s Digital Planet podcast didn’t seem to have heard of it either. The word is:
Pronounced exactly like “Vauxhall” (put probably not enough to make Vauxhall sound as posh as the Cla’am pron for does for Clapham), it comes from the words “volume pixel” and is just that- the 3D graphics version of a pixel. Loads more stuff on this on answers.com here.
More TEFLtastic new words in my New words in the Shorter Oxford English Dictionary post.