I would stay away from anything too obvios because those names will be hard to find in a search. I like to be able to suggest the program by name to friends. An acronym would probably be best or something that includes something unique like Vity.
Here are some things that I associate with freerapid.
Vity
FRD
Automation
Direct Downloading
open source
Vitys open source direct download automation
VOSDS OSDSV
These were just some of my random thoughts. I'll have to think about this some more.
