It's sort of like the famous phrase "Whatchamacallit" or also the candy bar by Hershey's, but it's not, because the listener and the user knows what they're talking about. Yet in a sense, it's used in the same fashion as the phrase "Whatchamacallit".
Pass the wooznoop! (Blunt)
Get me a wooznoop from the store. (Soda, lighter etc.)
In the age of flying cars, we'll eventually have air traffic, which will then induce Aireal "Air" Rage amongst pilots.
It was a 4 Aireal Vehicle incident, that was caused by Aireal "Air" Rage