I love being creative when naming. Calling Link "Fagballs" is funny, but not as funny as the closing message of the Phourglass review when Yahtzee said "Sometimes I like to name Link "I say" because it makes all the other characters talk like Foghorn Leghorn." That struck a very resonant note, since I've been pulling stunts like that for a while.
For instance, one time while playing FFVII I decided to name Cloud "like totally" because I thought it would be funny to see Sephiroth talk like a valley girl, but I was disappointed when I played through the game and realized that Sephiroth never actually says his name, so on my next play-though I decided to mix things up by assigning each character a different one's name. Cloud was renamed Aerith, Aerith was renamed Barrett, Tifa was renamed Cid, Red XIII was named Tifa, Cid was renamed Cloud, and Barrett was named Red XIII. That made for some very amusing dialogue (come to think of it, I probably shouldn't be giving the slash-fanfic writers any more ideas, but whatever).
Then, the other day, I was rummaging through my bookshelves looking for space, and I stumbled across my old copy of Lizard Music, by Daniel Pinkwater. One of the funniest books I've ever read, and to my surprise it still is funny even though I haven't read it since I was 10. That gave me the idea to do a play-through of FFVI or IX in which all the characters were named Reynold.