I have gone through all the responses and updated the main list accordingly. I plan to do this regularly, so please continute posting !

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AA (American)
Always Awful
A Miracle Everyone Riding Is Currently Alive Now

America West
America Worst
PIA (Pakistan International Airline)
Please Inform Allah

AI (Air India)
Allah Informed
Airplanes In Repo In Nepal, Delay Inevitable Anyway
An Interesting Ride, I'll Not Do It Again

Air Canada
Air Can’t Uh Dah

Air France
Air Chance
Air Frogs

Allegany Airlines (US Air, now US Airways)
Agony Airlines

ALITALIA
Airplane Landed in Tokyo and Luggage in Amsterdam
Air Line In Tokyo And Luggage In Amsterdam
A Little Italian Tradition And Lotsa Italian Attitude

ANA (All Nippon Airways)
Airplane Never Arrives

ATA (American Trans Air)
Always Take Another

ASA (Atlantic Southeast Airlines, A Delta Connection Carrier)
Always Stuck in Atlanta
Another Small Aircraft

ALITALIA
Always Late In Take-Off Always Late In Arrival

BA (British Airways)
Bloody Awful
Beastly Actually

BWIA (British West Indies Airlines)
Better Walk If Able
But Will I Arrive?
Britain's Worst Investment Abroad
Bound to Wait In the Airport, Baggage Wandering In Africa.

CAAC (Air China)
Chinese Airlines Always Crash

ComAir
Cause our Mainline Airline is Regionalized

CPA (Cathay Pacific Airways)
Can Potentially Arrive

Delta (Delta Airlines)
Doesn't Even Leave The Airport
Don't Even Let Them Aboard
Didn't Expect to Land There Anyway
Don't Expect Luggage to Arrive
Departing Even Later Than Anticipated
Departures Extra Late, Tardy Arrivals
Danged Enhancements Leave Travelers Angry
Diverts Errant Luggage To Atlanta
Hell-ta Airlines

EL AL (Israel)
Every Landing Always Late

Emirates (Dubai)
English Managed, Indian Run, A Thousand Ex-pats Suffering

GARUDA (Indonesia)
Good And Reliable.........Under Dutch Administration

Icelandic Airlines - Loftleidir
I'm Always Late

Icelandair
"If you have time to spare, fly Icelandair"

JAL (Japan Air Lines)
Jumping At Last

KLM
Kill Lots of Men (A phrase that was created after the collision with Pan Am at Tenerife, Canary Islands)

KAL (Korean Air)
Keep Away Loss

LIAT (Caribbean)
Leave Island Any Time

LOT (Polish Airlines)
Lots Of Trouble

Northwest
Nobody Out Ranks This Horrid, Worthless, Exceptionally Shoddy Transport
NorthWorst

Olympic (Greece)
Onassis Likes Your Money Paid In Cash

PAL (Philippine Airlines)
Plane Always Late

PIA (Pakistan International Airline)
Please Inform Allah

QANTAS (Australia)
Quick And Nasty Transportation, Australian Style
Queasy And Nauseated, Tired And Sick

RYANAIR
Running Your Ailing National Airline Into Receivership

SABENA
Such A Bad Experience, Never Again

SAHSA (Servicio Aereo de Honduras SA)
Stay At Home, Stay Alive

SAS (Scandinavian Airlines System)
Sex After Sandwiches
Sex and Satisfaction
Same As Sabena

SIA (Singapore International Airlines)
Sex In the Air

SWISS
So What, Its Still Swissair

Swissair
Swiss Women in Short Skirts Are Indeed Rare

TACA (Central American airline)
Take A Chance Airways
Take A Coffin Along

TAP (Portugal)
Take A Parachute
Take Another Plane

THY (Turkish Airlines)
They Hate You

TWA (Trans World Airlines)
Theives, Whores & Alcoholics
The Worst Airline
Tomorrow's Widebody Accident
Travel Without Arrival. Thousands Waiting in Airports
That Was Accidental
Terrorists Welcome Aboard (Flight 840 hijacked twice)
Ten Wobbly Airplanes
Try Walking Across

UA / United
Uncomfortable Always
Usually Not Inclined To Eliminate Disasters
Untidy

US Air (US Airways)
Unfortunately Still Allegheny In Reality (used to be Allegheny Airlines)
Underwater Seats Available In Rear
US Scareways

UTA (French Airlines)
Unlikely To Arrive