Chinese:
Fēi Wáng 飛王
[Literally "fly" and "king"]
In Hebrew the devil is sometimes referred to as:
Ba‘al Zebûb בעל זבוב
[Literally "things that fly" and "king"]
Taking into account the information of Chapters 179 and beyond of the manga, Fei Wong seems to come from some point in Tokyo in which CLAMP has previously associated as a sort of Babylon in Tokyo Babylon. A King of Babylon is often linked under some doctrines of Christian belief as being the devil, "the fallen star."
I think it's also interesting to note that, as with Syaoran Li, CLAMP has used the kanji but given the Chinese pronunciation for Fei Wong's name. In Chinese, there are other characters which are associated under the same pronunciation:
Fēi
飛: fly
非: un-, not, oppose, wrong, false, evildoing, injustice, illegal
Wáng
王: king, ruler, (a surname)
亡: die, destroyed, lost, perish, flee, (~命) go into exile
Another curious thing about Fei Wong (if indeed his last name is Reed) is that he joins Eriol and Clow in being characters who use their given name before their family name.
I do have some ideas for ties into WISH too, but I'd need to double check my referencing.
Has there ever been any discussion on his name? If so, I would be very grateful for links. Or just opinions on the matter would be great too!