Have you read the book, Frindle? I have! It's very funny, I like it. (Look for it at your local library or bookstore!)
Anyway, in the story, a boy named Nicholas creates the name Frindle. Soon he gets famous and his word spreads worldwide! Such a small thing turned into such a big thing.
Now, I'm not saying your word is guaranteed to get famous, but it could, who knows!
So, to start, think of a word you think is TOTALLY drab. I think the word chair is drab. Now, think of a new word to replace the word chair. Make sure its not too long so people can remember, and not too short so it won't sound like your saying a syllable or a consonant instead of a word. You could do something like combining two words, like:
Chair + drab = chrab. (I admit I changed the R around. You can change letters around, so it can sound just right to you!)
So grab a chrab and get started! Also, grab a pencil and paper. Get started! :)