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Googling for "SPOOLED acronym" returns a link to 
http://fusion.gat.com/docview/tips-1.html :

Did you know that the word spool, as in "your files have been spooled for 
printing later today," is an acronym? IBM invented the term many years ago 
to stand for System Print Operation Off-Line - which is actually a pretty 
good description of what print spooling is. Of course, they were probably 
being clever when they chose this acronym, hoping you would visualize 
"spooling" as the computer rolling up the files on a large "spool" to be 
fed to the printer later in a controlled, off-line manner.


Booth Martin wrote:
> Simon, you'd know.  I thought SPOOLED was an acronym?



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