Ed: From the Concise Oxford

Commune companion – fellow dropout
Coney conformance – large toothed
Exaltation exchange – swop priest for lama
Governess gram – severe lady administering discipline to party goer
Gross grummet – Brobdingnagian borehole
Hip Hobbit – Bilbo with guitar and joint, sans handkerchief
Mako man – debt collector
Miniature misanthrope – poison dwarf
Needless neighbourhood – Beverley Hills
Oppugn orchitis – going for the red ball
Penance penthouse – rooftop lock-up
Press pretence – public interest campaign by tabloid paper