Called "News has come to Harvard": we make up new elements for the periodic table and provide hilarious, surreal or topical explanations of their nature and purpose. Eg:
Excusium: constituent element in whitewash. Frequently used by politicians.
Just saw the Elements game. There is a site that I had bookmarked and only deleted on Friday which is very enjoyable. Apparently now been published as a book - http://www.chm.bris.ac.uk/sillymolecules/sillymols.htm - Molecules with Silly Names. Some of them were featured on QI a few years ago.