Short for frozen yogurt. In reference to sorority girls who binge drink on the weekend and then exercise obsessively and eat frozen yogurt in order to avoid gaining weight.
Look at all those froyos walking to the gym after a long night of drinking and rawdogging.
Froyo is short for Frozen Yogurt and the first 'healthy' Android release, all previous release were named after candy.
Improvements: Flash 10.1, storing apps on SD card, new web browser.
While most phones were still on Donut or Eclair, Gingerbread was already announced. Upgrading to Froyo is going rapidly though.