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1.
A “Jimbonium” is a term or phrase that describes a factual comedy news headline. The headline usually contains numerous puns, crude references and occasionally taboo words. A Jimbonium is a relatively new term but was invented by Sir Jimbonium in December 2009.
Real life Jimboniums:

'Crime lord's' fake penis falls off in raid

"MAN GETS WILLY STUCK IN PIPE"
by Dr Jimbonium January 10, 2010
 
2.
Jimbonium is the result of when semen and fecal matter mix. Usually a result of anal sex.
I have jimbonium alover my cock
by Jimboinum July 20, 2010