Pun (noun)

1. A play on words in which a word or phrase is used in a way that suggests two or more meanings, or in which words or phrases with different meanings are used in the same context.
2. A form of word play that exploits multiple meanings of a term, or of similar-sounding words, for an intended humorous or rhetorical effect.

Origin:

From old english pūn, from latin punctum, from pungere ("to prick, pierce").

Examples:

1. The comedian told several clever puns during his stand-up routine.
2. The sign outside the store read, "We repair any thing in a jiffy", which was a clever pun on the word "jiffy".
3. He couldn"t resist making a pun about the menu item, "Fish and Ships".
4. A pun is a form of word play that suggests two or more meanings.
5. The pun in the headline "Time flies when you"re having fun" is that "time flies" can refer both to the insect and to the passage of time.