See http://logicerror.com/MeRS
* That page credits someone with inventing these recently, but actually the notion gets reinvented on a regular basis, and has been around for decades at minimum, for e.g. generating random-ish but memorable passwords, for names/words in role playing games like D&D, for names/words in serious/frivolous/fictional constructed or alien languages, etc. (Few authors go to the trouble that Frank Herbert did in Dune, let alone the level of work of Tolkien in constructing a language for a novel.)
* A common, ancient, and dead-easy (portable, no programming required) approach is to look at binary files, such as executables, in some section with high entropy, and let the brain discover nonsense "words" in the garbage characters. The brain is good at discovering patterns where there are none, as with finding animals in clouds, reading horoscopes, etc.

Examples: dopynl, glargen, glonknic, spoopwiddle, and kebble.

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Compare "dreggywibble".  There is but one very old reference to it (oh, and this page).

The main difference is that there's no effort to be memorable.  That is probably why it's entirely useless.

Examples: fluntipobrogloot, spinglypottle, yippiedooberry.

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Once I was generating word groups and got "proverbial macho touchstone". Since it was SuperBowl week when it happened, I found this quite amusing.

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See also: TheMeaningOfLiff, Koremutake [http://shorl.com/koremutake.php and String::Koremutake on CPAN], LexicalSignatures