As is often the case with acronym origins one hears - unfortunately, no, that is an Old Wives' Tale, or what they now call Urban Legends. (I like Old Wives' Tale better, but I guess it's sexist!) Keep an eye out for those, once you are looking, everyone and their dog will be happy to tell you how certain words originated as acronyms. In general, acronyms becoming words was not really in vogue before WWI or WWII.

As I recall it's probably from Dutch kolf, to strike something, also the name of a game played by hitting balls with clubs.