I like Eddan's idea of Mad Libs sounds pretty fun! I think a more positive title could be used though? :D
Anthony's view is interesting. I think it deserves attention. I don't completely share that perspective, though. I think this exercise can be a community builder if that's what people wanted. I can see this cant inviting curious minds to explore more as they are exposed to different terms than they normally encounter.
I believe outsiders that are intrigued may adopt some terms. If we can strategically invest energy into creating a positive lingo, why not? There are many ways to generate and many ways to distribute. And levels of complexity even... Adding to the level of coolness...
Perhaps an equal amount of energy should be made to choose associations that suggest meanings at the first mention, or perhaps exercises to create dialogues that surround the coined phrase to be suggestive. Or even to put an effort to use coined phrases with the intent to explain what the phrase is intended to suggest.
"Dude, we made such beautiful code today. Sorry, I mean we had a great discussion today. Let's do it again soon!" *
* I'm using "beautiful code" as an example from off the top of my head. Not suggesting a new coined phrase.