The Most Patient Husband of Them All has surprised me with an explanation for the phrase "pop goes the weasel" which, in turn, had surprised him - and it's an unexpected textile reference! (Well, at least possibly.)
If we go and trust Wikipedia, one of the many explanations is that it references the spinner's weasel, also called a clock reel. There are, of course, some insecurities and other interpretations possible, but, well, it could quite well be that it did come from the clock reel, which makes a noise every X rotations (intended to let you know when a skein was complete, or a part-skein, depending).
Also, I really like clock reels. One day, I'd love to work with one of them, just to try it out.