I was thinking of starting a dictionary after seeing a mistyped word in a thread title on another site and thinking "But that word actually MAKES SENSE!"
But this is not a "story" as such, it's more of a community project, so I thought I'll post some examples and see if you'd like to come up with more

caneary, n.: A singing bird trained to drown the sounds of caning. Long-term exposure can be harmful to your ears.
cuticle, n.: A girl who desperately tries to make herself as cute as possible in hope it will avert the spanking.
DOOMed, a.: About to be spanked for playing too much videogames.
eggshells, n.: A bottom just before the first CRACK! of the paddle.
enteartainment, n.: A girl spanked until crying in front of a large group of people.
heirbrush, n.: A brush used to spank your children.
overbaring, a.: Taking panties down at the slightest provocation.
PADDle, n.: A common spanking implement in the Star Trek universe.
paddler, n.: A door-to-door paddle salesman.
pain-ting, n.: A spanking picture.
palmgnetism, n.: Attractive force between a hand and a bottom. Diminishes with clothing, with bare bottom is almost irresistible.
pingpong, n.: A technique where the paddle swats bottoms of two girls, one on each side of it.
prebareation, n.: Pulling the panties down.
red dawn, n.: The realization when you pull a girl's panties down for spanking and find her bottom already red.
Redmond, n.: A well-spanked bottom.
sMac, n.: An Apple computer used to browse spanking sites.
spanik, n.: The panic that grips you when you know you're going to be spanked.
spank juice, n.: A secret ingredient obtained by using a wooden spoon to stir the food just after spanking a bare bottom with it. Usually used accidentally.
tearrible, a.: Hard enough to make you cry.
underbear, n.: Panties with teddy bears on them.
virtuoso, n.: Spanker using nontraditional implements.
whacky, a.: Quick to spank.