I think it's traditional to name it in pig-latin, or something like that. Anyway, this is a very sophisticated, deliberate process-- you can't just, say, see a critter you think is creepy looking after you've been reading Anne Rice books and decide to call it something goofy like "Infernal Vampire Squid," right?
Maybe on that theme, it should be the "Scary Werewolf Octopus," Lycanthropus Frightfulus? Or the "Mellow Hippie Octopus" Furryfreakbropus Fabulosus?
Why they don't put me in charge of these things, I have no idea...
Friends of mine saw the hairy octopus in a field guide to Ambon for sale in an Indonesian airport in the late 90's (and they didn't buy it?!)-- and I thought they were pulling my leg until it showed up in Norman's World Guide. It is extremely rare(ly seen) in Lembeh and Okinawa. Only a couple of museum specimens exist, and it doesn't have a scientific name yet. I have never seen one, but my diver friends who have say it just sits there and doesn't do much of anything. A really cool looking animal, but as far as aquarium pets are concerned, a tuft of algae might be just as exciting.