As we have the truth on what PhD really does stand for, (being as that was the original topic of this node), a list of the acronyms preceeding PhD are seemingly in order. As written by my dad's chem professor (in the corner of the chalkboard) in his premed days:

B.S. Bull Shit
M.S. More Shit
Ph.D. Piled Higher and Deeper

This was on the first day of class. Can you believe this guy?