Coming up with band names for some people can be extremely difficult. It's one thing if the music is atrocious, it's another when both the music and band name are in poor taste. I could care less about the hilarious story behind how you came up with your band name.
When it's awful, it's awful regardless.
There are tons of names out there that I am surprised any band with an agent let the band proceed into famedom with their names.
Limp bizkit, Puddle of Mudd, Goo Goo Dolls, The Dandy Warhols, Staind, Chumbawumba, Hoobastank, Nickelback, Katy Perry, All-American Rejects, Pink, Matchbox 20, Buckcherry, Keith Urban, Dashboard Confessional, Bubba Sparx....we could do this for days.
I think you have to be especially careful when choosing a band name, one that is correct for the band. One that is timeless, appropriate and desirable. One day it could be what carries or drowns the group.