Easter Eggs are little jokes that film makers hide in their films (programmers often hide Easter Eggs in software that they write).
In this case "Lorenzo Zoil", if said quickly enough, comes out as Lorenzo's Oil, a reference to a 1992 film. Pegg is known for putting movie references in his films.
Sometimes Easter Eggs are so well hidden that it takes years for them to become fully realized. In The Simpsons TV series between 1991 and 1993, if you take all the tiny clips of of the TV show we often would see in the background, McBain, and putting them together it becomes a mini show with a complete plot; beginning, middle, and end.