And the winner is...

First name: Rachel (What is the ethnic origin? Biblical. What does it mean? Sheep.) Middle name: Morgan. (What is the ethnic origin? Celtic. What does it mean? From the Sea.)
So, sheep from the sea?
Not quite. With parents like Mike and Stacie, she's definitely not going to be a sheep. Though they do live by the sea (well, a few blocks away).
I think the origin of Rachel they had in mind was more along the lines of the Hebrew meaning, "lamb of God" or "one with purity." (Rachel is only 47 hours old, after all). Morgan also means: bright.
Not a bad combo. A pure, bright lamb of God.
And she is.