I think the discussion here is as much about context as it is about slang. Let's say someone creates a phrase such as "shizzle my nizzle" to be a proxy for "s--- my d---," knowing that the "words" themselves are meaningless but would get the same message across without being censored. Should the phrase be censored (or given a parental warning) even though it may be gibberish? My favorite example of context being censored goes back to the TV show Cheers. Supposedly (though it could be an urban legend), one of Sam's lines to Rebecca was written as, "I'd like to thank your brains out." That line never made it to TV, even though no profanity is used. It's all context.