Here is the States, back in the 80s, there were a series of books called "Sniglets" that were made up words, like:
mega-nega-bar
Def. The squiggly line you write on your check after the dollar amount so no one adds "and a million dollars" after it.
The references that Luke posted (taking actual words and giving them alternate meanings) are also famous over here in the form of Jeff Foxworthy's Redneck Dictionary. Here is one example:
european
"hey dude turn the other way, european on my boots"