Pouring over the release notes regarding jQuery 1.4, I came acrosss $.noop() which is:
Description: An empty function. (added in 1.4)
It's purely a convenience/replacement for function(){} in the context of where callbacks are required - I don't think I'll be using it anytime soon.
function(){}
I bet the jQuery team had quite a laugh when they dropped it in though, also serves a comedic purpose.