By sound, many words are a series of shorter words strung together, the parts often having no relationship in meaning to the whole: QUERIED = QUEER + REED. In the August 1969 Word Ways, J. A. Lindon suggested the name homophone for this type of word play. Notice that it extends the concept of homonym which, strictly speaking, is a single word with one sound but two or more spellings. The homophone is the aural equivalent of the charade, in which the constituent words must be read instead of spoken.
Espy, Willard R.
"Chair Aids Tool Is Into,"
Word Ways: Vol. 6
, Article 4.
Available at: http://digitalcommons.butler.edu/wordways/vol6/iss2/4