As someone who had a callsign at one point (no, not going to tell you guys what it was), the movies all have it wrong. Real callsigns tend to be either unimaginative at best (a guy named Dell got "Taco"), or somewhat insulting. "Spaz", "Crash" (for a guy who bent metal), "Bam Bam" for a guy who stood on the brakes and blew the tires, or my favorite "FFace" for a guy with serious acne scars. The extra F was an abbreviation for ye olde "for unlawful carnal knowledge".
If Tom Cruise were a real fighter pilot (yeah, I know the guy owns a Pitts. Word on the street is he's scary), his call sign might have been "Frodo".