In English, the corrupted hobbit-creature Gollum is so named because of the "horrible swallowing noise in this throat." This is illustrated especially well in Peter Jackson's LOTR films, I think, wherein Smeagol periodically coughs out his more sinister moniker, "Gollum." This seems to happen when he is about to give in to his darker nature.
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In Japanese, Gollum's name is translated as 「ゴクリ」, which is a gulping, swallowing sound. It's a little more literal than its English counterpart, as "Gollum" isn't a conventional word or sound in English and 「ゴクリ」 is in Japanese, but think this is still a nice way of rendering his name.
It appears that the Seta Teiji, who translated Tolkien's the Hobbit and Lord of the Rings into Japanese, got creative with a number of Middle Earth's proper nouns, and Gollum isn't the only name to have been adapted for Nihongo.
Some of those other translations may be a nice topic to explore in the future.
Image Source: Wikipedia (Rankin & Bass animation)