Ok, if nobody's going to tell me the actual history... I can make one up :)
Once upon a time.... Lilac was in the grocery store buying some chocolate, a bag of Orville Redenbacher's microwave popcorn, a burrito, Cosmo, and and the new issue of gamers weekly.
She hadn't been happy with RPoL in some time, it wasn't the friendly place she had hoped it was, and even the color scheme of their pages was all jacked up. She was considering going to the other checkout line in the store, but just as she was about to cut in front of the single guy buying a tv dinner and a coke that was walking slowly toward the empty line, the 16 year old cashier working it announced that she'd worked so hard during the first 15 minutes of her shift, and that it was "her break". Lilac fanned herself with the Cosmo, the air conditioning in the store was broken that day, and it seemed even buying chocolate was a chore.
The lady in front of her was buying food for her entire neighborhood, so she opened the bag phone in her shopping cart. (the only real reason she had a shopping cart in the first place was to lug her bag phone around) and called Vekseid. "Hi Veks" she said, Veks replied "Hi Lilac, whats shakin?" Lilac replied. "Just buying a some chocolate, a burrito, and a Cosmo... listen Veks, what do you think about"... she stopped for a dramatic pause... "Starting our own website, RPoL is such a drag". Veks thought for a minute, "sure that sounds like a great idea doll" he replied "but what do you want to call it?" he asked.
Lilac was trying to think of a name with Veks still listening on the phone, when the single guy peeked into her shopping cart and asked "Hey what kinda burrito is that?" Lilac was annoyed at first by his intrusiveness but answered "I think El Torito burrito", She had just got the "El" out of her mouth when the rather large cashier with the unusually loud and high pitched sneezing voice sneezed.... "AH QUEEEEEE".
All Veks heard was "I think EL... AH QUEEEEE". He quickly typed that into his commodore 64 keyboard on "GO Daddy's" domain name availability site, and found that "El AH QUEEE" was already being used by a concrete sales company, so he changed the spelling to "Elliquiy" and bought the site name for 9.95.
So thats how our great site was named.