Yup, that's the whole idea, of course. But even that's not consistent. For instance, "dog and bone" for "phone" is a pure rhyme. "Richard" for turd is not. Why isn't "dog and bone" also abbreviated to "dog"? The nature of the beast, I suppose!

Anyhow, it's living and breathing. If you're interested, look at http://www.aldertons.com/english-.htm