Remember sniglets? Do you have any favorites? Have you ever made up your own word? (Now's as good a time as any.)
For some reason, I did not even register this word when I read the question. Hell, I thought it was a kind of candy I had long forgotten. Having read the Wikipedia entry I feel vaguely nostalgiac for Not Necessarily the News on HBO, which I watched with my parents even though I was too young to understand the jokes.
As for attempting to make one up, here is my attempt.
Slimph (v) – The act of suddenly silencing oneself in the midst of uttering a swearword or curseword when one notices children or others in front of whom it would be impolite to speak profanity. Ex. I had to slimph myself earlier today when I noticed Tommy watching me after I had hit my thumb with the hammer. Related "slimphed" (adj) and "slimphly" (adv).