...And It Goes Round And Round, And It Comes Out Here...
Today, I did some Googling and came up with the following:
tele - afar; far off
phant - to cause to appear; show
ele - foreign; strange
phone - sound; voice
Then it hit me:
The 'telephant' is the Transporter in Star Trek!
And the 'elephone' is their Universal Translator!
It all makes so much more sense now [BWAH-HAH-HAH-HAH... (cough, cough)... on second thought, maybe the meds aren't such a bad idea...]