A recent Reddit thread has some thoughts on what it would stand for if it did stand for something and here are some of the highlights:
Really
Efficient
Daily
Distraction
Internet
Tool
(R.E.D.D.I.T.) Reason Everybody Doesnt Do Important Tasks
Read Endless Debates Devoid of Intelligent Thought
Read Everyone's Dumb and Delightful Internet Thoughts
Really elaborate discussions discussing irrelevant topics
Revealing Everyone's Deepest Darkest Internet Thoughts
Redundant Extrapolations Deduced & Discussed by Internet Trolls
Read. Evaluate. Deliberate. Decide. Instigate. Troll.
I personally love the Troll comments.
