I'm reading [Will Ferrell's Twitter](http://twitter.com/#!/WillyFerrell) where he wrote

> 
> Just thought a thought but the thought
>  I thought wasn't the thought I thought
>  I thought.
> 
> 
> 

Does the sentence still have the same meaning if you remove the last "I thought"?

Is this grammatical word play possible with other words?

Is there a name for this other than a play on words?