From (1) the verb בלע (bala'), to swallow, and (2) the noun עם ('am), people or kinsman.
Bileam, is a town in Manasseh (1 Chronicles 6:70), also known as Ibleam (Joshua 17:11). In Hebrew the name Bileam is spelled and pronounced exactly the same as the name Balaam.
The verb בלע (bala') means to swallow with the implication of destruction of what was swallowed. Noun בלע (bela) means either a swallowing and by implication: a destruction, or a thing swallowed or destroyed.
Jones' Dictionary of Old Testament Proper Names refers without further ado to the name Balaam, which he translates with Destruction Of The People. BDB Theological Dictionary does not translate Bileam. NOBSE Study Bible Name List seems to go with the Hebrew verb בלע (bala'), swallow up, and reads a very liberal Greed.