I'm going to go ahead an put in an official answer to the actual question.
"Is it a recognised use of the word?"
The simple answer is, very strongly,
your friends / fellow inmates / bosses are either
(i) using a very strange "inside" terminology - perhaps from some specific technical field
(ii) using an "inside joke" -- some linguistic quirk that has built up between them.
(iii) they are using a confused - essentially "wrong", "silly" - mishearing or similar mistake.
A vast number of highly intelligent / professionally linguistic / literate people are on this 'ere list; and nobody's cottoned-on to anything.
So honestly, the answer to your specific question is "No"
I can confidently speak for the entire mailing list, when I say, we'd love some feedback on just what they meant. Cheers!