What does the name Ron Weasley mean?

Answer 1

Ronald is from the Scandinavian form of Reynold, meaning "advice ruler," a leader who gives advice. And Weasley is probably derived from either weasel (meaning sneaky or cowardly), or from wheezy/wheeze/wheezing (means breathing loudly or heavily)

It is difficult to know if J.K. Rowling chose the name to be a description of the character traits since Ron didn't seem to behave particularly weasley. Consider that the name could have its origin as a geographical name. See the link.

Before English spelling was standardized a few hundred years ago, spelling variations of names were a common occurrence...The variations of the surname Weasley include Westly, Westley, Westlie, Westlies and others.

First found in Cambridgeshire where they held a family seat as Lords of the manor of Westley Waterless. Conjecturally they are descended from Hardwin, a Norman noble of Scales, who held the village of Westley from the Countess Judith at the time of the taking of the Domesday Book census which was initiated by Duke William of Normandy in 1086 after his Conquest of England at Hastings in 1066 A.D.