when a scientist describes a new species (i.e. publishes a description of it in a scientific journal) he/she/they choose the name for the species. The language isn't always Latin (
lots of "Latin" names are actually derived from ancient Greek for example) but it is always latinised. There is a commitee called the International Commission on Zoological Nomenclature (ICZN) [see here:
http://iczn.org/] who have final say on all nomenclatural issues. There is a similar body for describing plants.
Basically you can name an animal in any way you want or after any feature (e.g. colour, range, shape, after real people, after mythical characters, etc etc), although some names will be disallowed for various reasons. In the past certain zoologists have named animals after themselves but it is not the done thing. You can certainly name it after any other person you want to. Quite often the person/people describing the species aren't the ones who discovered it, so they can name it after the discoverer.
You'll probably like this site:
Curiosities of Biological Nomenclature
Thanks for the reply and the websites. The curious taxonomy is indeed quite hilarious. I wonder what that says about my sense of humour?
According to the ICZN:
""First of all you need to identify a new species, found either in the field or in a museum, and support that identification of its uniqueness using data on the morphology (physical features) or genetics. The species needs to be clearly, repeatedly different from other species that it might be related to.
You then publish the findings in a scientific journal, ideally one that is peer-reviewed. This means that other specialists subject your work to critical scrutiny, improving the scientific reliability all around.
At this point you can give it a name, that you feel reflects well on the discovery - naming it for a special feature, for the place it occurs, or in honour of someone you respect. If you publish it according to the rules, the name sticks for perpetuity."
Dr Ellinor Michel, International Commission on Zoological Nomenclature"
Historically, there must have been some pretty funny stories about naming disputes between rival scientists, and even scientists within the same research group.
It also reminds me of a scene from the movie 'Armageddon' when the guy first discovers a huge asteroid on a collision course with earth and calls NASA:
Karl: Sir, I'm retired navy, I know all about classified. But one more thing. The person that finds her gets to name her right?
Dan: Yes-yes that's right, that's right.
Karl: I wanna name her Dottie after my wife. She's a vicious life-sucking bitch from which there is no escape.

