A for Paper.
B for Dam.
C for Explosive.
D for a Station.
E for Diethel.
F for International.
G for Says.
H for Majority.
I for the Engine Driver.
J for Passing.
K for Spelunking.
L for Hobbit.
M for Zima.
N for Rents.
O for Tuna.
P for a Drug Test.
Q for Billiards.
R for King of the Britons.
S for Dad.
T for Lymphocyte.
U for Rhea.
V for La Revolucion.
W for Form.
X for Sensory.
Y for Goodness Sake.
Z for Wroth.
Variations on this theme have been done for a long time, sometimes called The Cockney Alphabet or A Surrealist Alphabet. I first saw it done in I Saw Esau by Opie & Opie.