The following is a post from another forum dating back to the year 2007 so it's about 6 years old. I found it while researching this topic. Read and be amazed:
When authors name their characters, they don't simply pull out random names from a hat. There has to be some sort of significance. While there are other names that definately have symbolism involved, I'm afraid at this moment I only have enough energy to write about one of Kishimoto's characters. I thought Sasuke's older brother Itachi was an interesting choice of name.
Why would he name Sasuke's older brother Itachi of all things? Itachi means "weasel." Many specific characteristics accompany the word weasel. For example, traits like ambiguity, cunningness, and deceitfulness come to mind. When a person evades an obligation, they will also be called a "weasel." Not only that, on Wikipedia it states that "weasels are considered bad luck in Japan."
From what we've seen so far, Itachi can most definately be identified as a weasel. His persona is so mysterious and his motives are never really truly revealed. Although Itachi is presented as an antagonist, could that really be the case?
My thoughts:
Spoiler for series:
In recent manga chapters (364 being the latest), we've seen a different side of Itachi. For some reason, I don't believe he is the heartless clan-killing murderer he appears to be. The other day I've read an interesting theory (which is probably as OLD as my Mother) that stated he did not actually kill his clan but merely weaseled Sasuke into thinking that he did. In other words, Itachi provided a smoke screen for the real murderer of the Uchiha clan. Why would he do that? I honestly don't know. It's all speculation and I could go further but I'd rather not as of right now. I'm simply... too tired to write any further. Good night, everyone. Go watch the Simpsons movie, it's not so bad.