Visual Studio 2003 = Everett
Visual Studio 2005 = Whidbey
Next version = Orcas
Next Next version = Hawaii
Everett is a city north of Seattle where the new Boeing 787 is being built. Whidbey and Orcas are Islands in the Pacific Northwest. I've been to Orcas Island a few times and its a nice place. Haven't been to Hawaii yet though :)
I've always wondered who at Microsoft comes up with these code names.