The term used commonly to poke fun at someone who has made either a spelling or gramatical error whilst trying to appear as a person of intelligence. This is emphasised with the intentionalmispronounciation of the word "educated".
Sarah: "I really hope they make an inception for me, seeing as how I'm new to this."
Luke: "It's exception idiot. Damn, I can tell that you've been well edumacated.
When as a student you have missed way too many classes and finals are coming up so in an attempt to not fail your classes you try to teach yourself an entire course in one week!