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Being from Argentina, I have never heard this used as a name. People just use 'Che' as a formal kind of "Hey you". The only way I can think to compare this is to say that it is kind of used like "Dude" in the States.
The word CHE is a suffix from the Mapudungun language, this native language is still spoken in Southern Latin America including Argentina and Chile. The suffix 'che' means 'people'. For example 'curiche' meaning dark people (curi: black+che: people), 'mapuche' (mapu: earth, field+che: people) referring to those who belong to this native group. In Argentina, the term CHE was taken from Mapudungun and it is still used as a vocative only, but never as a name. -Spadilla, MA Linguist
This is NOT a name. AT ALL. I'm a native Spanish speaker.The only reason Ernesto "el Che" Guevara was nicknamed "el Che" is because he was Argentinian (the reasoning for this comes rom the fact that "Che" is a common Argentinian mannerism/linguistic filler so it was a way to set him part).
Please DO NOT even consider naming your kid Che! It's not a name. Plus, Che Guevara is a terrible namesake. He was quite arrogant, and he was extremely racist against blacks and Mexicans. Still think he's a good namesake?
Che Guevara was actually quite respectful to blacks, and was not insane. Not saying he was a good person (that's debatable, as are most things), but I do protest some of the claims made about him here.