In 22 years of living in germany, ive never once heard anyone use that atrocity of a word or anything close to it - I guess it's a joke-word from the tv series How I met your mother making fun of the fact that many complex german words are just glued together from other words, eg. Krankenhaus ("ill building" or "building for the ill"). This does not mean that every compound word you theoretically could form is actually a valid german word.