TAP - Take Another Plane
BOAC - Better on a Camel
NWA - ? etc
Got any? Please share.

DELTA- Doesn't Ever Leave The Airport

TWA - Try Walking Across

TACA - Take A Chance Airlines

SAHSA - Stay At Home Stay Alive

QANTAS - Quite a Nasty Trip Any Survivors

QANTAS - Queers and Nymphomaniacs Training as Stewards (told to me by a gay Qantas steward so don't get all upset)

TTA (pre-Continental) - Tree Top Airlines (if you're as old as I am, then you'll remember how true that was)

THY (Turkish) They Hate You

NWA- Never Will Arrive

PAL-Plane Always Late

LIAT - Leave Island Any Time
or
LIAT - Luggage In Another Terminal

USAir--Useless Air
United--Untied

Sabena - Such A Bad Experience Never Again

DELTA - DELayed Through Atlanta

America West - America Worst

also NORTHWEST - North Worsten

Not a pun on an airline name acronym, but the funniest (and saddest) air acronym I ever came across. From pppruner.com (I think), airline employees (including those "serving" you in the air) refer to us, the passengers as SLF (Self Loading Freight)!

Ouch!

ttt

Not a pun on the airline abbreviation, but I thought David Letterman had a funny one several years back:

(From a top ten list of Delta slogans)

#6. Delta - Your kids will love our slides!

ALITALIA: Always Late In Takeoff, Always Late In Arrival

AA: Should they serve drinks?

ELAL

Every liner always late

TWA - The worst airline

British Airways.......British Ashtrays
Air France............Air Chance