I got to thinking more about it and did a little research online. It turns out I'm not the only one who wonders about this. I found some posts on this topic on Yahoo! Answers, most of the responses were jokes along the lines of "the Paint Color Namers all get together for a party, drink, then throw out names to their boss. Whoever has the craziest wins."
Some Examples:
Comical Coral (or yes, this is a hilarious color)
Lime Rickey (not sure what to say...)
Nuthatch (What?)
Butterscotch
Dutch Cocoa
Banana Cream (Ok now I'm getting hungry!)
Orange seems to have the best though:
Determined Orange
Rhumba Orange (party!)
Outgoing Orange (As opposed to his brother Introvert Orange)
I did find one article that was somewhat helpful, though it doesn't give the true answer as to how paint colors get their names.
http://www.namedevelopment.com/blog/archives/2007/08/paint_color_nam.html
What's the craziest paint color you've come across? I'd love to hear it! Happy painting!