Nah
It was one of those urban legend things, started by some after dinner speaker, and took off because people just couldn't remember the real names of the characters on it.
The original writer of Captain Pugwash was really upset about the whole thing, and in an interview had a right rant.
Now what is true, is that the kids show "Rainbow", the actors in it once made for their own amusement an "adult" version full of double entendres. It ended up being leaked on to the internet a good few years ago, google "rude rainbow"
Oh what the heck