Um, no. I can't.

As far as I can tell - which, I mean, I run in horror any time I see the word these days, so don't trust me on this - it isn't a contraction; it's not a proper pairing portmanteau at all. Instead it's like Harmonian for Harry/Hermione - something that sounds kind of similar but has added letters so you can make a real word. Except, of course, that the word isn't actually all that similar. So the pairing name derivation is something like this:

ShepPARd/(KY)Weir

Notice how there's none of Elizabeth's name in there. I'm not sure if that's a reflection of her relative importance to the pairing or not.

I think that from now on I shall view Sparky FF as stories about Sheppard's repressed, forbidden love affair with the state of Kentucky. (It's a country song: "Oh, he's livin' in Atlantis/Where the Ancestors roam/But he's dreamin' of Kentucky/'Cause to his heart that's home..." Or something. Hey! It's Atlantis/John/Kentucky triangle fic!) It's either that or assuming that they're making some kind of joke about KY being the lube that makes the Sheppard/Weir pairing go 'round, and...no. Atlantis/John/Kentucky actually makes (slightly) more sense.