Of course this depends upon deciding what is an opening, and what is a variation. For example 1.e4 e5 2.Nf3 Nc6 is not yet an opening, with 3.Bc4 , 3.Bb5 or 3.Nc3 all becoming named openings, but after 3.Bc4 Nf6, 4.d4 and 4.Ng5 are only variations of the Two Knights Opening. As with most things in chess, history and convention take precedence over logic.
However, variations can be discovered (and possibly named), even if they might not be good. Just today I came across a line against the Caro-Kann which I had previously been unaware of, the Apocalypse Variation! It starts with 1.e4 c6 2.Nf3 d5 3.exd cxd 4.Ne5 I have seen White's 4th move given a ! and a ? and while I would lean towards ?! it has claimed some high profile victims. The idea is to keep the knight on e5 for as long as possible, or to exchange it at an advantageous time. Oddly, for such an aggressive idea, this line seems devoid of cheap traps, although I did see a few games end with Qxf7#.
To give you a feel for this line, here is a game between a couple of very strong GM's. I don't know if Black was caught by surprise, but his play looks a little unconvincing, giving White a fairly easy path to victory.
Petrosian,Tigran L (2580) - Macieja,Bartlomiej (2616) [B10]
Lake Sevan Martuni (4), 09.07.2007
1. e4 c6 2. Nf3 d5 3. exd5 cxd5 4. Ne5 Nf6 5. d4 Nc6 6. c3 Bf5 7. g4 Be4 8. f3 Bg6 9. Qa4 Qb6 10. h4 Nd7 11. Nxd7 Kxd7 12. h5 Bxb1 13. Rxb1 e5 14. dxe5 Re8 15. f4 f6 16. Bg2 fxe5 17. f5 e4 18. Qb3 Qxb3 19. axb3 d4 20. cxd4 Nxd4 21. Kf2 Nxb3 22. Rd1+ Kc7 23. Bf4+ Kb6 24. Rd7 a5 25. Be3+ Kc6 26. Rf7 h6 27. Rd1 Nc5 28. f6 gxf6 29. Rxf6+ Re6 30. Rxe6+ Nxe6 31. Bxe4+ Kc7 32. Rc1+ Kd7 33. Bf5 Bg7 34. Rd1+ Ke7 35. Re1 Rc8 36. Bxh6 Bd4+ 37. Be3 Bf6 38. g5 Bxb2 39. Bxe6 Kxe6 40. Bd4+ Kf5 41. Re5+ Kg4 42. Bxb2 Kxh5 43. Rb5 Ra8 44. Bf6 Ra7 45. Ke3 a4 46. Kd3 a3 47. Rb1 b5 48. Rh1+ Kg6 49. Kc3 Rh7 50. Rxh7 Kxh7 51. Kb3 b4 52. Kxb4 a2 53. Ka3 1-0