The life cycle of a hockey line goes something like this:
It's created by a coach attempting to mesh three players together into a cohesive unit; it'll stick around for anywhere from a few periods to a few games; and then it's either broken up, with the spare parts added to different lines, or it passes the chemistry test, living on for months or perhaps for seasons.
Sometimes lines earn nicknames, although that usually speaks more to their popularity than their effectiveness. Or, in some cases, it's just because the first letter from the players' names spells something cool.