Gollum is originated from the Hebrew word Golem. Golem is pronounced GO-lum (emphasys on the GO (like in the movie)). (I used to pronounce it go-LUM (emphasys on the LUM).)
Golem- a creature of Jewish medieval folklore, a golem is the figure made into the form of a human and given life; the creature is then slave to its master's commands.
This is taken from page 48-9 of The Jewish People's Dictionary of Jewish Words by Joyce Eisenberg and Ellen Scolnic
I can interpret this to mean that Gollum is a creature sort of like that except he is slave to the Ring. I guess the Ring sort of created him because before the Ring he was Smeagol before he knew about the Ring, and then he murdered Deagol and the Ring became his but in truth the he was the Ring's.