I'm reading a fabulous book right now: Hofstadter's Metamagical Themas.
In it he does something fun, which is creating definitions of words where each word in the definition starts with the next letter in the word. He does it with pasta, I thought I'd do a few with mythical beasts:
Griffon: Great Ruffled Insect (Furry, Flighted) Or Nonexistent
Pegasus: Poetic Equus, Galloping And Soaring Until Sleepy
Gnome: Gnat (Not) Of Mythic Entertainment
It's very fun! I want to encourage all my blog readers to make one (or more) for some more fabulous beasts, and to add them to this post as a comment.
(See http://webhome.idirect.com/~donlong/monsters/monsters.htm for a list of them.)