The Pegasuses or The Pegasui
Jason and the Aggronauts
The Black Hind
Stinking Cockatrice
Styx (wait a minute...it still is a good name)
Unhealthy Chimera
Menstruating Hera (a womyn's rock band)
The Monoclops
Trident
Hermes Simplex II
The Imagine Aries

non-Greek themed names:
Cherry Dagger
The Middle Least

I'll break it down genre specifically...

Top 10 royalty-free Jam Band names:

1. SweetWhiff
2. Yonder Valley Wood and Steel Huckleberry Revue
3. Wildberry Jam
4. The David Thomson Hill and Hollow String Band
5. Sweet Orchard Cobbler
6. Cold Valley One-World Rhythm Band
7. Jah Bunny and the Unity Juice Orchestra
8. One-Love Tribe and the New Kingston Fusion-Beat Allstars
9. Skatagonia
10. Succulent Hollow Footstompin Quartet

Top 10 royalty-free Frat-band names:

1. Modern Yesterday
2. Shades of Reality [There was actually a band in Missoula using this name in the mid-90s who did a credible impression of Iron Maiden with a little Queensryche thrown in. They sort of took Humpy under their wing in the halcyon Jay's days. Andy used to introduce them as 'Shades of Realty' -YK]

3. Horizon
4. Rude Buddha
5. Infinity's Shadow
6. Scrudgeguzzard
7. Yesterday's Daydream
8. Maryanna's Smile
9. Suzie's Tears
10. Rage-47

Top 10 Royalty-Free Teutonic/Fantasy Metal Band Names:

1. KnightReign
2. RageBringer
3. Wizard of Morgoth
4. ...and They Were Slain by The Mighty Fist of Xalanx IV
5. DawnThief
6. Broadswords of the Nephilim
7. Chronicles of the IceFalcon
8. KnightReaver
9. Ravenscloak VII
10. Moonboots of Mordhelm

Creosote
Righteous Tard
Gaseous Clay
Butt Whip
Flatulent Ass Grabbers
The Taints
The Cobs

Asstrap
The Sweatholes
Captain Curtains (as in beef)
Jack Stack

Bloodhorn
Firegun
Pangea-Assed Bitches
Prickwizards, Unite!
Elfin Dream
Bitchjammers
Asskimo
Flesh Cape
Pholph Boyeez -------(dollarsign z)

The Metric Dildos
The Grateful Recipients of Head (has potential as kind of a Grateful Dead parody theme)
The Reluctant Givers of Head
Man's Laughter (a reappropriation of 'manslaughter,' get it?)
Ball Nog
The Dim Sum Quartet
The Coffee Grounds
Asshalf
The Hamburglar Boys Choir
Dancin' Glenn Danzig and His Orchestra
The Horseflies of Shropshire
Rodentia Scapulitis
The Falling Prices
Vaporous Butt Cave
Hot Beef Insurrection
Hortense Prebel and The Tater Tot Tittie Trio
Derek Dentata's Droll Dulcimer Duo
When Gloves Die
Rip Triptych and the Sikhs (sic)
Buffered Turkey Loads

Nail Gunz
The Shims (not to be confused with the Albuquerque SubPop band The Shins)
The Tar Papers
Galvanized Steel Gauntlet
The Lochabers (sort of a medieval battle axe, with a two foot blade and a four foot handle, supposedly could "shuck a knight out of his armour like an oyster")

The Chamber Pots
Muttonmen
Lordsquire
Blacksmith Burk and the Sword-Oilers

Tastes Like Chicken

EARTH FUCK! (a name for the angry hippie-enviro band)

Hippie Skippy and the Leather Wearing Vegans (this, of course, begs the question: do vegans do bondage? If so, what do they wear?)

Amishalicious

mmmm . . . mmmm . . . shitty!

Sweet Sassy White Trashy

Sir Shits-a-lot (the next big rap act)

Hellfire and Menstruation (a name for a rrrriot grrrrl band)

I Stink Therefore I Am (for the pseudo-intellectual, wannabe beatnik group)

Osama and The Wild Bunch
Tracy and the Tourettes
The Rolling Brownouts
Shit Cuff
The Organizers

Fetus Injection
Jesus And The Quest For Pie
Tony And His Tommy Gun (made for a band with a guy named Tony in it)
Community Light Switch
The Large Foreheads
Tight Leather Pants
Jesussmack (Like Godsmack But Different)
Fiendie
Life Saving Fire Blanket
The Microwaveable Footballs
Anus Face
Tod Stewart
Polar Time
Broken Face
Never Meant
Backspace
Interconflict
Jeep Fanny Cracker
Pipe Organ
Anger Sword
Dance Of Fury
Green Underline
Grover
Double Oh Jesus
Steve Hannah
Brennan And His Double Chin
Hostile Insects
Ange Mobile
Eddie Van Halen Smells

Hawk Dick
Shitler
Brown Rainbow

Punk Starflight
Moustache Empire
The Cloven Hoofs
Sardonica
Umber Thunder
The Jim Beam Allstars
Frodo's Halitosis
The Prehensile Snouts
Unicock
The Data Enterers
Teen Prophecy
The Toileteens
The Deft Absquatulators
Ninja Kik
The Halls of Thangorodrim
Pouncing Ferrets (This, by the way, is also great game to play with members of the opposite sex -- preferably while they're sitting in your lap).
Diamond Toof
The Crisps

Cockvollï
Roachcoaster
The Undescended Testicles
The Cleft Trousers
Colitiscope
Duodenum
Engorged Genitalia
Dweezilicious
Assoplasty
Gruntorium

Ass 'N 9 (a boy band)
The Craptones
Rock and Awe
The Craphats
Acoustic Chalupa
The Ass Ninjas
Konkey Dong
The Vas Deferens