I'm Sure.  I think I read it was a military term for a shipment of Spare Parts And Meat.  Not sure where I read it, but it stuck with me.

Check this out
http://www.stands4.com/bs.asp?adults=y&st=SPAM&p=2&SE=&o=p


Craig White <craigwhite@azapple.com> wrote:
On Fri, 2006-09-08 at 09:25 -0700, Kurt Granroth wrote:
> On Friday 08 September 2006 09:01, keith smith wrote:
> > I read someplace that SPAM originally meant Spare Parts And Meat.
>
> That's unlikely. When SPAM came out, it was known for the fact that it
> *didn't* use spare parts (snouts, ears, etc) like most of the competition
> did. I was always told that it meant "spiced ham". Turns out that that is
> *almost* right.
>
> The original product was called "Hormel's Spiced Ham" but to pump up sales,
> they had a contest to rename the product with a $100 grand prize. The winner
> was "SPAM".
----
I though the SP was shoulder pork

Craig

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