Yes, but the actual names 'foo' and 'bar' come from the acronym, 'fubar' (i.e., foobar), which stands for

Fouled Up Beyond All Recognition.

Not sure of the actual etymology of the expression, but I heard this from people who are (or have been) in the military (all of whom seem to have heard it).

Update:: Another acronym in the same family is, 'snafu':

Situation Normal: All Fouled Up.

dmm