Yep... like something I said once that had my friend in hysterics: "If Charlie is short for Charles, then is Arlie short for... Arles?"
Okay, I know, I'm not that funny. There are enough "names" like this on real people. Recently I've seen (some of them may have been posted here): Jevin, Navid, Javid (g), Tamantha, Kabrina, Taleb, and Shazzmine. And about 20 names that rhyme with Jason.
You should totally use Jimothy in a Sims game or something similar, though. :)