Here's a Big List of Band Name Origins someone sent my way. Below are a handful that I found interesting.
...AND YOU WILL KNOW US BY THE TRAIL OF DEAD - Taken from a prayer to Mayan corn gods. The first four lines say: Sever for us all ties ; Between the now and what is to be ; We will act as your sword, oh Great Itzamna ; And you will know us by the trail of dead.
JARS OF CLAY - The bands favorite Bible Verse, 2 Corinthians, 4:16.
JUDAS PRIEST - from the BOB DYLAN tune "The Ballad of Frankie Lee and Judas Priest".
PINK FLOYD - Named after Georgia blues musicians Pink Anderson and Floyd Council.
SONIC YOUTH - Named as a tribute to the MC5’s Fred “Sonic” Smith and reggae star Big Youth.
THEY MIGHT BE GIANTS - They took the name from a friend's ventriloquist act, which was named after a film starring George C. Scott, which in turn was inspired by a section of Don Quixote. Don Quixote's trusted servant asks why he is preparing to attack several windmills with his lance. Don Quixote replys, "Because they might be giants."
TOAD THE WET SPROCKET - From a Monty Python sketch making fun of silly band names.
VELVET UNDERGROUND - The name of an S&M book by Michael Leigh (released in 1963). A band member found a copy on a sidewalk in New York.