Wiktionary
n. A form of pun involving the reinterpretation of an existing word, on the basis that it sounds like another word or phrase.
Wikipedia
A daffynition (derived from daffy and definition) is a pun format involving the reinterpretation of an existing word, on the basis that it sounds like another word (or group of words). They are similar to transpositional puns, but often much less complex and easier to create. Some daffynitions may be puns. For example, "a hangover is the wrath of grapes" is a play on the title of the book The Grapes of Wrath. A subclass of daffynition is the goofinition which relies strictly on literal associations and correct spellings, such as "lobster = a weak tennis player".
Under the name Uxbridge English Dictionary making up daffynitions is a popular game on the BBC Radio 4 comedy quiz show '' I'm Sorry I Haven't a Clue.