I'm going to guess the one in your example is probably a
spoonerism of "Bible College, Oxford"... but I really don't know.
Over the years, I have found that a
lot of British comedy references that I didn't get turned out to be either:
1) Placenames of places that are funny ONLY if you know where they are (and you know how drab and horrid they are)
or
2) Rhyming slang (which makes the language as unintelligible to other English-speakers as it is to, say, the Korean guy who used to cut my hair (I did NOT want a 'high & tight', dammit!))
If you ever get the chance to pore over a good Ordinance Map of the UK (the ones that put MapQuest to shame) or a good list of "every English placename", you'll be in for a good laugh due to all of the ridiculous names that crop up: "Cackle Hill", "Dyke Village", "Bitchfield", and "Slough" always cracked me up when I drove past their signs. (The latter because I could think of four different pronunciations, and I just knew whichever one I picked would be wrong... so I never asked to go there.)
Bill Bryson documented a few in his excellent books, especially
Notes From a Small Island.
(Oh, dear, sweet moderators! Give us this day our daily tweak of the url, so that EP may receive its full bounty!)
I shall now slap myself with a fish for your amusement.
*squitch*
Moderator: Tweaked. Hand me the fish, so I can give you a couple slaps too.