How did Lil Wayne get his name?

Lil Wayne was born Dwayne Michael Carter, Jr.

In a CBS interview with Katie Couric, Wayne described why he goes by the name of "Wayne" instead of his given name, Dwayne. Carter explained, "I dropped the D because I'm a junior and my father is living and he's not in my life and he's never been in my life. So I don't want to be Dwayne, I'd rather be Wayne".