The word you enter as your character's name in computer/console games where you either can't be bothered to think up a name or simply cannot think of a good one. Originally entered at random by The Guv'nor, now used in general in such an impasse...
Friend 1 : "Fuck it! I just can't think of a name to put in for you, Master Chief!"
Friend 2 : "Right, there, it's going to fucking be Krarlyxr and you'll damn well like it!"