How does the prefix suffix system work?

I know it how it works when you only have 2 mods on it but when you have rares with 6 plus mods, it's kind of confusing. For example:

1. What contributes to the item name?

2. Can an item have 5 suffix mods and 1 prefix mod or is it a 50/50 split?

For a list of what each suffix and prefix mod gives:
http://www.pathofexile.com/item-data/prefixmod
http://www.pathofexile.com/item-data/suffixmod

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laian wrote:

1. What contributes to the item name?

I'm pretty sure the rare item names are random, although they might be influenced by the base item type.

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laian wrote:

2. Can an item have 5 suffix mods and 1 prefix mod or is it a 50/50 split?

A rare item cannot have more than than 3 prefixes or 3 suffixes.