One thing I love about English is that verbs can be easily created just by adding the suffix "-ing" and adjectives by adding "-ly".
How would you call this phenomenon?
verb + -ing is called a gerund:
These are not verbs; they are nouns. You can't say "I Googling the definition" or "You should Googling it." It is a noun, as in "Googling is useful."
Also, adding -ly does not make it an adjective; it makes it an adverb. There is no special term for adverbs ending in -ly, although most of them do.
About the "made up" part - you're not really making new words; you're just taking made-up words and adding -ing or -ly, so there's not really anything special about this. If you consider Google a normal verb, then there's nothing special.
It's being productive:
I suppose the phenomenon itself might be production, but I've never come across the word in a Linguistics sense.