I posted on naval slang and the book Jackspeak a few days ago (here), but there's a more comprehensive article on the BBC website today (here) with more examples of naval slang from Rick Jolly's Jackspeak. Here's a selection:
Grey Funnel Line: the Navy
Buckets of sunshine: nuclear weapons
Proctoheliosis/helioproctosis: a condition where people believe the sun shines from their backsides
Putting the Queen to bed: lowering the White Ensign at the end of the day
More in the interesting article.