No, no, it's just goobledygook. There's no code, and there's no meaning. It's comedy - using meaningless words as if they're normal in a conversational tone of voice. If you heard an exponent of gobbledegook talking, it would amaze you - it sounds right, but it's completely wrong. It was quite popular as a comedy act in the mid-20th century and I have some examples of it on an LP somewhere in the collection. In the roofspace.

Rhuby, now he's back and no longer limp-wristed, could probably give us chapter and verse on this, I'm sure.