There are some strange band names out there. But they don't come close to the odd ones some bands started with. Take Elastica, for example. The band originally called themselves Onk (fortunately they changed it, as it sounds like a pig snorting) and Vaseline (but they had to change it when The Vaselines threatened them legally). So in 1993, they became Elastica.
Added: 20 Apr 2011