I was always under the impression that the phrase came from the "Dilbert" comics. There's one where the workers decide to make up fake acronyms and terminology to confuse the boss; everyone does it convincingly until it gets to Dilbert's turn, at which point he ruins it all by saying "my spoo has too much fleem".
spoo (spoo) n. A substance that is disturbing in texture and smell.
spoodification (spoo-di-fi-kay-shun) v. act of embarresing or otherwise showing your superiority to someone or something.
spoodist (spoo-dist) n. A follower of the ways of spoo.