Some do, some don't. Same with other genres of music too. They may not have the same type of stage names rappers do but there are plenty of other artist that go by other names than their real ones.
This coming from "J DIDDY" on a BBS full of aliases. (IROC it*, zhuxing, omnirobin, usee, kevtse, Nikonism, geeimsobored, Golden Bear, Dave2000, FrontRowJoe, tmega21, ChrisBosh, gradyr, Yonkers, Yaozer, PosterizedByFrancis, Compgeek, nWo34Life, ddly_tng, Impper, akuma, TigerBait, ElPigto, pearlon, Gr81Rockets, Mack, rocketsinsider, blazer_ben, titaniumws, Nelly, Supermac34, pchan, sway, silentman, ac in austin, Sooner423, lustdog, weakfromtoday, eagle_wang_2002, kaivin20, richter911, SlamDown, tsunami, Matchman, A-Mac, Manuel Romney, 4three, McGradySNKT, gbao, HotRocket, dguy, Mattj, dandorotik, ihlee, shah, Drizno, tmacyaorox, marcooo, BmwM3, inler, Rocketman2002, lewisw71, cassell4mvp, C-Kompii, mdg, kingkow, BigCountry132, trudru, Icehouse, tvt, RAID, Burtron, chinese, DwangBoy, liu1107, BoneYardDog, Achilleus, CXbby, vmac, ClockworkOrange, scandalust, SteveFrancis3, leechs, surrender, jerrios, bratna8, madouble, thesaint, qqww2000, hooroo, BIGBALLA23, soupman, davidhero, brozef, yoarules, m_cable, rockmanslim, punk dee, halittlebear, ambrous67, barbourdg, rimbaud, robbie380, Air Langhi, sunfish, terra, swhwong, univac hal, dream2franchise, xiangzi, wuuxuu, Accord99, qpx, vizier, jinkazama, Yetti, rookie17, nuggien, MoretF, rodrick_98, Pipe, memovas, tksense, chuichuitrain, imsleepwaIkin, SmeggySmeg, Elie#17, ths balla, World B Free, runninhorns, SkiFreak20, REA, MMPOWER, LAM, omair, amysiu, kuei, wizkid83, yo, ritou, JeeberD, awo86, 3sec-violation, jsnwu, superpro, Vivid, silentpartner, JeopardE, bladeage, JING, rfrocket, jingle77, thetennisyao, duanej6, BoyhoodDream, Nilejuve18, seclusion, dragonwill, floyd1, rocketfan83, myco, BimaThug, l3uddhab0y, EddieWasSnubbed, krgao, bobcat2, steefrancis, don grahamleone, jopatmc, sonny chiba, tshi6575, Yokel23, ikfit, rocks_fan, rockets11, Shaq2Yao, BigSherv, daRox, adamthompson, jm434, Fuzzybear, tdle6671, Patience, chimera34, TRAVLR, midnight, madmonkey37, Frodo, aznhobo1, yaopao, entaro, jlwee)
He uses Chamillionaire because he can switch his style of flow so well and adapt to a beat like a chameleon adapts to his surroundings. His real name is Hakim, maybe he should of named himself Olajuwon . I think Paul Wall actually kind of sounds like one of those old school names. And 50 cent is supposed to represent the change hes bringing to the game. But I've also heard he named himself after a notorious drug dealer in NY.
Interesting that there might be some connection to Sebastian Telfair. http://sports.espn.go.com/nba/news/story?id=2630170
On sports radio, they said Telfair was the one that called his buddies to shoot at Fabolous and his entourage. Witness heard him talking on his cell phone and said "get over here and take care of it" after he got mugged.
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Ok I watch too much TV with my Kid cause I thought he was naming himself after the frickin Poke'Mon Charmander -[ he breathes fire. . . so him being a rapper he 'spits fire'] esp since I don't recall a 'H' being in Cameleon Rocket River
theyve now got video surveillance footage of Fabolous' crew robbing Telfair... it is suspicious on both parties: Fabolous getting arrested for illegal gun possesion and telfair for making these phone calls after he was robbed- they say the literally followed his muggers into Diddys club and they were laughing about it... thats when he made the calls