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Blunderstanding 

to gain new insight through serendipitous means
Alfred Nobel gained a new blunderstanding of explosives when he accidentally mixed collodium (gun cotton) with nitroglycerin to create dynamite. President Bush now blunderstands what it might take to bring democracy to a Middle Eastern country by trying to rid Iraq of WMD’s.
Blunderstanding by D. MacFarlane November 8, 2007

Blunderstand 

to gain new insight through a serendipitous mistake
Alfred Nobel gained a new blunderstanding of explosives when he accidentally mixed collodium (gun cotton) with nitroglycerin to create dynamite. President Bush now blunderstands what it might take to bring democracy to a Middle Eastern country by trying to rid Iraq of WMD’s.
Blunderstand by D. MacFarlane January 5, 2009

blundershirt 

When the sleeves of an undershirt bulge out from the bottom of the sleeves of the shirt worn on top. See teespurt.

Also, a shirt that is crappy for any multitude of reasons: ugly, ill-fitting, poorly-made, smelly.
Just realized my favorite concert tee shirt becomes a blundershirt as soon as I put any other shirt over it.
blundershirt by nrdesigner March 23, 2011

Blunderstatement 

A dangerously understated and inaccurate description of a situation.
"The Boris Johnson press conference was largely blunderstatement."

Blundersnatch 

Hey man I was with a girl last night and she had a blundersnach, I almost fit my hand in there!
Blundersnatch by ZC May 27, 2004

Blundershoes

A word describing a confusing situation, or something that is so confusing it makes other words around it confusing.
I have no idea what the hell she just said...Her train of thought is very blundershoes...