The story
Blend of mad + ad lib; Mad Libs is the brand name for the packaged game.
Etymology from Wiktionary, CC BY-SA 4.0.
Today it means: A humorously nonsensical story created from a template with blanks for certain elements. One participant supplies words to fill the blanks (e.g. "nose" where a body part is required), and the other reads the resulting story. Full definition →
Blend of mad + ad lib; Mad Libs is the brand name for the packaged game.
Etymology from Wiktionary, CC BY-SA 4.0.