There's a great local pizza place named Poppa Rollo's here; the owner's name is Roland. Additionally, I remember playing a goofy piece of band music with the name Rollo in the title. So I think Rollo is short for Roland. One letter shorter, woo-hoo!
As long as you don't name your child something that will guarantee the sh*t being kicked out of him at school, you're good to go. Viva, Gayla, Charmin, ¥, Pajamé, TurKwoz, and Dick Trickle are not recommended.