It's not my fault that I know about this; I heard a Hormel rep interview
on NPR. Regarding the name of the product, from
http://www.spam.com/it/it_30frame.htm:

1937: SPAM is born! The first can of SPAM rolls off the production line.
Originally called HORMEL Spiced Ham, the company holds a contest to
create a name as distinctive as the taste. By combining the "sp" from
spiced with the "am" from ham, the winner comes up with SPAM. Top prize:
$100.