elmogonzo 

1. Legend. Mutant cross-breed of elmo and gonzo, resulting in a round-headed, long-beaked, red and blue fluffy creature often found flying around the universe wearing a cape, or else under your bed stalking you. In short, an awesome little super hero dude.

2. Can be used in place of lexical items such as 'legend', 'dude', 'superhero', 'genius' etc.

Ryan: Dude, I totally aced that paper.
Yaz: Wow. You's such an elmogonzo, duuuude.
Ryan: Why, thankyou my friend.
Yaz: You're welcome. Now, shalst we dine on some caviar??

elmogonzo by Frazzle-Razzle January 13, 2010