EDIT: Steve from Revit OpEd has provided clarification based on his association with some of the founders of the software – see link below:

http://revitoped.blogspot.com/2006/06/what-does-revit-mean.html

David Conant says: “The Revit name is an invented word designed to imply revision and speed.”

ORIGINAL POST BELOW:
Revise Instantly!

You will find this on a few sites after doing a google search:

http://www.simplylinks.co.za/article407_simplicitywithautodeskrevitarchitecture.htm

http://www.revitcity.com/forums.php?action=viewthread&thread_id=8736

http://www.autodesk.co.za/adsk/servlet/item?siteID=9801806&id=9948721&linkID=12212844