The Jargon File (version 4.4.7, 29 Dec 2003):

spungle
 n.

    [Durham, UK; portmanteau, spangle + bungle] A spangle of no actual
    usefulness. Example: Roger the Bent Paperclip in Microsoft Word '98. A
    spungle's only virtue is that it looks pretty, unless you find creeping
    featurism ugly.