Reverse Spin Doctor

Meaning: Devil's advocate.
Pronunciation: Obvious.
Usage: After the Booker Prize, Arundhati Roy made a name for herself as an eloquent reverse spin doctor.
Root: Reverse Spin (a cricketing term for the other one) + Spin Doctor.

Paadhi Shudha

Meaning: Almost living like a married couple.
Pronunciation: Pa-dhi-shoe-dha.
Usage: Being paadhi shudha is an easy way out for commitment phobes.
Root: Paadhi (Half in tamil) + Shaadi Shudha (wedlock) = Half married.

Balleboss

Meaning: Batting captain.
Pronunciation: Bal-lay-boz.
Usage: In our World Cup T20 team, if I were to pick a balleboss, it will be Gautam Gambhir.
Root: Ballebaaz (batsman in hindi) + Boss (Captain).

Wordaphone

Meaning: An internet enabled mobile device that can be used only for texting.
Pronunciation: Word-da-fone.
Usage: The wordafone can be a handy device for the deaf.
Root: Word + Vodafone (synonymous with mobile communication).

Scanteen

Meaning: A sugar daddy who's actively on the look out for a young chick.
Pronunciation: Obvious.
Usage: Orkut is teeming with scanteens of all nationalities.
Root: Scan (to search) + Teen (a teenager).

Elisium

Meaning: A rat-free haven.
Pronunciation: Eli-see-um.
Usage: Make your home an elisium with Ratatat.
Root: Eli (Tamil for rat) + Elysium (the after death paradise).