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Trivia from IMDB site: This film's title originated at an after-work happy hour among Hollywood colleagues to see who could come up with the most awful pitch for a movie. Producer Craig Berenson, who worked for DreamWorks at the time, gave his pitch for this movie based on a script called "Venom."
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Contrary to popular belief, Samuel L. Jackson's agent insisted that the title be changed, because Samuel Jackson "couldn't" work on a film with such a title. When Jackson heard about all of this he responded with the much cited comment, "We're totally changing that back. That's the only reason I took the job: I read the title."