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.)