Here is another resource for wacky words:
https://www.wordnik.com/lists/list-of-silly-words
Your game is a nice idea. I had a high school English teacher, not Teacher of English, and she used a word game that also invented meanings for words. It was a kind of "word pun game". A shout out to Ms. Elaine Johnson from Tamalpais High School in Mill Valley, California, USA.
In her game she started us off with a word that we had to "misunderstand" and assign a definition to, which was actually of another word that sounded like it. These are puns, but in a series anticipating a next word. Really keeps student thinking and on their toes. For example, if I say the word "Ballet" and explain it as "Something that you use to vote in an election," then the next person says no, not ballet, you mean "Ballot" that is that is what they stack things on to move them, and the next person could say, no not Ballot, you mean "pallete" and pun pallete with another word without saying it, only defining it.
A bit complicated. For more advanced groups, but a lot of fun once you get the hang of it.