Confused by the TLAs? (Three Letter Acronyms)
No need to be. Here is the key to the code. Now you too can be hip and cool.
Colors-
BRP Bordeaux Red Pearl.
BRG British Racing Green.
CO Chrome Orange.
COM The Chrome Orange Mafia. A group of EliseTalkers that blackmailed Lotus UK into allowing the CO option.
AR. Ardent Red
SY Saffron Yellow (nto sure how we will handle Solar Yellow)
StTi Storm Titanium.
ST Storm Titanium
KG Kermit..er... Krypton Green
AB Aztec Bronze
AS Arctic Silver
AP Aubergine Purple
NB Nightfall Blue
SB Starlight Black
GG Graphite Gray (also see Golden Gate as in the Lotus Club)
LB Lazer Blue
LSS Lotus Sports Suspension. The Sport Package option.
SP Sometimes used for Sport Package
TP Touring Packing
S1. The first generation Elise. Note round headlights.
S2. Second generation Elise. Includes the Federal car.
Federal. The car designed for, or imported to, USA.
111. The model designation for the Elise.
Croft. The code word for the Federal Elise.
Stage 1 and Stage 2. References to the optional Lotus supplied exhausts.
LCU Lotus Cars USA
CABC Anthony Colin Bruce Chapman, the creator of Lotus
Lotus Lots Of Trouble, Usually Serious.

Just kidding. There is NO definitive answer to the origin on the name. Some theories have been made. A good rundown of the name and founder is at-
http://www.gglotus.org/ggrace/ggfaq/general.html
Type 111. Club 111. Sector 111. WTF? Lotus uses types to designate models. The Elise was known as the Type 111, though variations have used other numbers.