>One drivation (possibly apochryphal) I've heard is it stands for "Port Outward - Starboard Home" dating back to rich liner passengers who had the cabins facing away from the dock. Of course, this assumes that ships always berth facing a particular way and doesn't really make sense to me.
Apocryphal, according to Snopes -
http://www.snopes.com/language/acronyms/fu ck.htm (eliminate the space to get the entire hyperlink; see the last paragraph for "posh").
Difference in opinions hath cost many millions of lives: for instance, whether flesh be bread, or bread be flesh; whether whistling be a vice or a virtue; whether it be better to kiss a post, or throw it into the fire... (from Gulliver's Travels)