The name Balaam in the Bible
The Midianite Balaam of Pethor, son of Beor, is a prophet who is hired by Balak the king of Moab in order to curse Israel (Numbers 22:5). Balaam initially finds the endeavor not a good idea (Numbers 22:18) but he goes anyway and ends up starring in one of the most curious scenes in the Bible: that of the talking donkey (Numbers 22:21-35).
When he finally gets there, Balaam ends up blessing Israel in every possible way, predicting even the coming of the Messiah (Numbers 24:17). Still, Israel engages Midian in a bloody genocide, kills the five kings and Balaam as well (Numbers 31:8).
Later in the Bible Balaam became something of a byword. Peter speaks of "the way of Balaam (Βαλααμ), who loved the wages of unrighteousness" (2 Peter 2:15). John the Revelator speaks of "the teaching of Balaam," which involved putting a stumbling block before Israel (Revelation 2:14).
Etymology of the name Balaam
The meaning of the name Balaam is multifarious and suggestions for etymologies abound. One suggestion is a combination of the Hebrew particle of negation בל (bal), not, plus the noun עם ('im), people:
Hence, this suggestion would render the name Balaam as Not Of The People, or: a foreigner. This interpretation is now no longer considered founded on possible etymology (says HAW Theological Wordbook of the Old Testament ) but there is no law against being reminded of these words.
Another possibility is a combination of the words בל, the name Bel, or בעל, the name Baal, and any of the words עם listed above, which may be the name of a god Am (says BDB Theological Dictionary), or a Baal-specification (such as Baal-peor), or simply the word עם ('am), kinsman (on the father's side), or עם ('am), people, as used in names like Amram and Rehoboam, or עם ('im), the preposition 'with,' such as found in the name Immanuel (With Us Is God).
Most commentators nowadays prefer a combination of the word עם ('am), people, and the verb בלע (bala'), meaning to swallow:
Thus the name Balaam means Destroyer Of People (NOBSE Study Bible Name List), Destruction Of The People (Jones' Dictionary of Old Testament Proper Names), or Confuser Of The People (Jones). Jones also adds Swallowing Up The People.
Some commentators see a connection between the name Balaam and the New Testament name Nicolas. These two names seem to convey similar meanings and John the Revelator mentions both in close proximity (Revelation 2:6 and 2:15 for the Nicolaitans and Revelation 2:14 for Balaam).