A few more...
One particularly relevant for me:
ORCHID - One recent child, heavily in debt
Motorsport-relevant?:
SABU - Self-adjusting balls-up
SINOAP - Solution In Need Of A Problem. i.e. any pointlessly over-engineered item or service for which no real or meaningful demand exists.
ESO - Equipment Superior to Operator. Could sum up quite a few of us on here...!
I have to say that when it comes to acronyms and slang, though, Doctors have the choicest ones. see:
http://en.wikipedia.org/wiki/Medical_slang
I particularly liked TTFO.
James
James