I've had my rationalization on my homenode since almost my first day here:
in reply to Name Space
It's the end result of an evolving nick. I got tired of everyone fighting over l33t handles on irc and started using LittleBoy, back when humility was still good for something. Unfortunately, after a while, it also seemed to be taken frequently by others (although IIRC, irc truncated nicks, so maybe the other guy was LittleBodacious or something bizarre). I tried just LB for a while, which was easier to type, but even less available. So I started spelling it out phonetically. Hence El-bie.