I think most people are well aware what a drag-queen is (a man dressed/acting as a woman), but I've never before today heard the phrase "drag-king"
I can however, easily arrive at the conclusion that the speaker intends to convey the concept of "a woman dressed/acting as a man"
Back in the 70s, Richard Nixon's actions gave us "watergate" - simply the name of a group of buildings. There's no real reason why the -gate prefix should become synonymous with something scandalous, but it has and someone can say to me "iPhone 6 - bendgate!" and I arrive at the understanding that there's a scandal relating to the phone bending
Is there a name for the process that one goes through, taking the well known, modifying it in an obvious way so that the listener can receive the new info/modification, trace enough of the original phrase to understand what it was and apply the transformation in their own mind?