This was originated (or at least popularized) in an episode of Archer from season 1. It remains maybe my favorite 5 minutes of comedy ever out to screen. It's just so tight!
In my head I also maintain what I call the "adversarial NATO alphabet", which is sadly incomplete, but contains stuff like, "C, as in sea"; "Q, as in cue"; "T, as in tea", "I, as in eye".