Check out AIEEE (Acronym Interaction, Expansion and Extrapolation Engine) over at http://www.brunching.com/toys/toy-acronymer.html.
I think it does exactly what you want.
eZabel: "Enhanced Zoned Access Balanced Expansion Library"
Integrated Local Optical Volume Equipment Mode Interactive Known Automatic Yaxis Library Architecture
wow. you can make almost anything sound real intelligent! like, operation "POOPY" would be Portable Open Optical Protocol Yield. Project "LOSER" could be Logical Optical Static Equipment Register, and item "MORON" becomes Micro-Output Random-Oriented Node. Amazing, the technology we have to make even the most blithering "MORON" seem like an EINSTEIN (Erasable Interchange Negative Static Terminal Engine Integrated Network)