Not really, but funny, for sure. From GME.jp:
"This is the best cheap laugh I've had in a while: a UK website that gives you a list of amusing place names near to a given postcode."
One of those things where a brief moment of legitimate historical inquiry... "How did that place get a name like that?" is replaced with a childish desire to laugh a lot.
UPDATE: Have just recalled a childhood ride with my grandmother between Pontefract and Bridlington, during which my sister and I thought that almost every single road sign we passed was hysterical. A quick look on a map would, I'm sure, prove us right.