Sorry, maverick, you're not the first to think of that.
From Livy's History of Rome:

Some think Larenta was called "lupa" by the shepherds because of her promiscuity and this is what gave rise to the story of the miracle. (my translation)

http://makeashorterlink.com/?G1F7414EA

From Plutarch's Life of Romulus:

But some say that the name of the children's nurse, by its ambiguity, deflected the story into the fabulous. For the Latins not only called she-wolves "lupae," but also women of loose character, and such a woman was the wife of Faustulus, the foster-father of the infants, Acca Larentia by name. (the Perrin translation)

http://penelope.uchicago.edu/Thayer/E/Roman/Texts/Plutarch/Lives/Romulus*.html

I suspect the Greek was a bit more explicit than just 'women of loose character', but as far as I know the Greek text isn't online, so I can't look it up.

The Lewis and Short Latin dictionary entry for 'lupa':
http://makeashorterlink.com/?P3D7264EA


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