Dolph Ziggler's character is based off of Dirk Diggler from the movie boogie nights
I thoght his name was from the Nazi artist Adolph Ziegler, someone Hitler considered perfection?
X-Pac/2Pac, Road Dogg/Snoop Dogg, Bad Ass Billy Gun/Bad Azz.
Kane might have been a combo between Caine and the rapper Big Daddy Kane.
Buff Daddy/Puff Daddy, Big Poppa Pump/Notorious B.I.G.'s song Big Poppa.
Disco Inferno changed his name to Disqo after Sisqo. Prince Iaukea became The Artist Formerly Known As Prince Iaukea after Prince.
Glacier was inspired by Mortal Kombat's Subzero.
The KISS Demon.
Rey Mysterio and Konnan for a little while were called The No Limit Soldiers when they were working with Master P.
Undertaker was American Badass, a Kid Rock song.
Jericho called himself Y2J after the whole Y2K scare.
The Shield I believe has more to do will police, shield being slang for badge. There's a show called The Shield which I believe has corrupt police officers. Makes more sense than Marvel's S.H.I.E.D.
Taz, after the Tasmania devil.
There's more, I will post as I think of them.