...what does 'C' stand for while your at it?
Actually, its "c" not "C".
The first use of the letter c was in a paper written by Weber and Kohlrausch in 1856, although this was not the speed of light, but c^0.5, and was referred to as Weber's Constant (and therefore, c meant constant). It was later adopted by Drude to denote the speed of electrodynamic waves, whilst at that time V was used to denote the speed of light. Gradually c took over (Einstein used V in 1905, but had adopted c by 1907).
Another interpretation is that it comes from the latin word celeritas, meaning speed. The speed of light is the only speed that all observers can agree on (it's not even possible for all observers to agree on what's travelling at 0m/s).