Looking this up I found that it is posted all over the internet. Twilight Cafe includes another contest which asked readers to change an existing word by one letter and give a definition. These may be even better.
1. Bozone (n.): The substance surrounding stupid people that stops
bright ideas from penetrating. The bozone layer, unfortunately, shows
little sign of breaking down in the near future.
2. Foreploy (v): Any misrepresentation about yourself for the purpose
of getting laid.
3. Cashtration (n.): The act of buying a house, which renders the
subject financially impotent for an indefinite period.
4. Giraffiti (n): Vandalism spray-painted very, very high.
5. Sarchasm (n): The gulf between the author of sarcastic wit and the
person who doesn't get it.
6. Inoculatte (v): To take coffee intravenously when you are running
7. Hipatitis (n): Terminal coolness.
8. Osteopornosis (n): A degenerate disease. (This one got extra
9. Karmageddon (n): It's like, when everybody is sending off all these
really bad vibes, right? And then, like, the Earth explodes and it's
like, a serious bummer.
10. Decafalon (n.): The grueling event of getting through the day
consuming only things that are good for you.
11. Glibido (v): All talk and no action.
12. Dopeler effect (n): The tendency of stupid ideas to seem smarter
when they come at you rapidly
13. Arachnoleptic fit (n.): The frantic dance performed just after
you've accidentally walked through a spider web.
14. Beelzebug (n.): Satan in the form of a mosquito that gets into
your bedroom at three in the morning and cannot be cast out.
15. Caterpallor (n.): The color you turn after finding half a grub in
the fruit you're eating.
And the pick of the literature:
16. Ignoranus (n): A person who's both stupid and an asshole.