Some people seem to think that watching anime is weaboo-ish. So is that a general perception, or is that perception incorrect?
I wrote about this in more detail on my blog - Weeab.eu, here's a summary version.
A weeaboo is generally an insulting term, a weeaboo is someone who love anime and annoys others with their enjoyment. Generally things like yelling as if you're powering up, screaming when you see your anime-fan friends, etc. You can probably understand why people don't appreciate that.
As insulting terms go, it's pretty standard in that those who usually use it, don't know much about the medium - Just like how you might be labelled as as a goth if you just like shirts with skulls on them, or as a nerd if you like Star Wars - subcultures have a lot more to them than meets the eye.
And if you want to be technical, it literally means nothing - The original term was supposedly coined from the comic from the Perry Fellowship, with no context:
But you can own that term just as much as geeks and nerds can own their labels and make it a positive thing. Just like I've done by taking that blog name :P
Some people like labels, some don't - do whatever you prefer. If you enjoy something, don't let others tell you not to enjoy it! :)
To answer the question you actually asked: Sure they're related - but just as how football hooligans are related to football.