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"Some have erroneously extended the term acronym in meaning to describe all abbreviations made from initial letters, regardless of pronunciation."
http://en.wikipedia.org/wiki/Acronym
EDIT: you can't say WAFG is or isnt an acronym just on sight. WAFG could be an acronym if you PRONOUNCE it like single a word rather than say each letter. so if it's "waffegah" and not W-A-F-G then you're good.
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Screw Webster. Screw Wikipedia (although it's right).
When it comes to words you have to go to the Oxford English Dictionary for the final say.
Acronym - A word formed from the initial letters of other words.
So if you say wah-fug then it's an acronym. If not, it's not.
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Read my last post. If God can't tell me how to talk neither can Oxford. ;P