Well, I asked somebody at school, I wondered just like BBQ where 'foo' and 'bar', he told me that and also told me about 'FUBAR'.
Foobar is by the way the name of our student union pub, I guess it's a rather common name for such places at computer science universities
A computer book, I don't remember which, talked abt the phenomena and mentioned foobar and fubar as two different acronyms. The author wrote that the popularity of foobar depended to some extent to the similarity to fubar.
I wonder one thing though; what is 'baz'? : )