"Herb, if you don't paint over the 't' I'm not setting foot in that thing..."

This boat actually exists.  I saw it with my own eyes on Howe Island and just about died laughing.  I figure we're looking at two options:

A) They hastily picked a boat name without thinking and modified it when they realized.

or

B) It was initially meant as a joke and later regretted by the owners.  

I'd have to go with option B.  Option A is just too pathetic, and that decorative swirl at the bottom looks suspiciously like a sperm...