No. Axapta is not a danish word.
What I've heard rumours about is that internally in Damgaard Data they had a small competetion between the employees about who could come up with a good name for the product, but I am not sure that this is correct.
I found:
www.mail-archive.com/.../msg16988.html
and
http://www.opensubscriber.com/message/axapta-knowledge-village@yahoogroups.com/4307341.html
That might shed a little light on the origins of the name 'Axapta'.