The name 'Splunge' is a commentary on clever project names. The name comes from a Monty Python sketch. The scene is a business meeting, where executives are queried for their opinion of a business proposal by the CEO, and then summarily fired for giving the wrong answer—which soon becomes clear is unavoidable. Finally, one of the last remaining executives, in a panic, simply spouts 'Splunge.' Splunge is hastily defined as 'something that could be a good idea, but not necessarily, unless of course it's not, in which it isn't, but otherwise may be, but also may not be, depending on whether or not it is.' This is (of course) the only opinion that is acceptable by the CEO. All the other executives scramble to change their answers to 'Splunge.'(source)