I recently thought of something... which I quite doubt hasn't been thought before. What it all boils down to is... lacking translation. The thought:

Midgar Zolom = Midgårdsorm [å pronounced much like ô in french]

Comments? I don't know how the japanese FF7 spells it, but I have some knowledge of the Midgårdsorm ('the Midgårdsorm' is written properly in swedish as Midgårdsormen).
Midgårdsormen is a biiiiig snake, parented by Loke/Loki and Angerboda (giants). Curiosa: This snake wasn't the only child, see. It's siblings were Hel, the Fenriswolf and, incidentally, Narfe [Narshe?]. Midgårdsormen was so big it completely encircled Midgård, humanity's home in Yggdrasil, the world-ashtree, and it was thrown there by Oden/Odin (e and i was represented by the rune I). During Ragnarök, Tor and Midgårdsormen kills each other.

With this in mind, doesn't it make some sense that Midgar Zolom should be Midgårdsorm?