Are you looking for a memorable name for your band that's intriguing and unique? Here are some steps you can take to find one.

[edit] Steps

Find a random word in the dictionary and make that your band name. That's what REM and Outkast did. Apoptygma Berzerk did as well, using two randomly found words.
Use a pop cultural reference. A famous example is the band Veruca Salt, which took their name from the book Charlie and The Chocolate Factory.
Make up a name using the initials from the names of each band member. That's how ABBA got their name.
Make a list of your favorite words and draw on that.
Pick a really cool word and misspell it. Many people believe Paramore got their name from the french word paramour, even though it was actually their friend's mom's maiden name.
Use a name that's an inside joke or has significance to you. Use the name of a common or uncommon flower, such as Snap Dragon. Run the name by friends before you adopt it. A name that sounds cool to you might have a different connotations for someone else.
Look around the shops and see if you can spot any interesting food names such as 'black-eyed peas' or 'red hot chili peppers'. Name it after a place you live close to, like Linkin Park, Hawthorne Heights, or cypress hill (misspelling is optional). Have it be at least two words. Each word could be a simple word but be inspired by two other bands, or a song/album/lyric of theirs, that you like. Having your band name be at least two words will help it be unique and easily searchable on the Internet.
Try thinking of a word that describes your style of music or something you're all interested in. Then look it up in the thesaurus. You may find a similar word that's even better.
If you're going for a "sounds like" band (i.e. wanting to form a band that sounds like Metallica), then use one of your favorite songs from that band (ie. Fade to Black) as a band name.
If you can get hold of them, read some of Dave Barry's old columns or books. They are full of interesting and unique band-name suggestions that you might like to draw from.
Come up with a few names and have a poll. Especially try to poll the target audience. Then you have a better indication that people are going to like your name.
Use a song lyric. Panic At The Disco were inspired by the song "Panic" by Name Taken, and All Time Low got their name from the song "Head On Collision" by New Found Glory.
Look at a book. Mikey Way was working in Barnes and Noble and saw the book by Irvine Welsh and it was entitled "Three Tales of Chemical Romance", then came up with My Chemical Romance.
Use the first name or surname of the person you like. Ex: Blue Jane, Ross Avenue.
Use humor with your name, such as Led Zeppelin did (as we all know that a Led Zeppelin couldn't fly).
Using umlauts (when a " is over a letter) on some of the o's u's or e's could be great for metal bands, like Blue Öyster Cult, Motörhead, and Mötley Crüe did.

[edit] Tips

Avoid using names that don't apply to what you're writing about. Try to use a name that applies to your style of music. If you play death metal, a name like "Sugar Lollipops" doesn't make much sense. Unless you're trying to have a name that doesn't make sense.
If all else fails, try http://www.bandnamemaker.com or try http://turnondomains.com/category/8.
Have fun with it! If you want to be funny with the names, make sure they make sense before you choose it, though.

[edit] Warnings

Make sure to research the name you pick to make sure it's not taken by another band.
Don't use words in your band name that a lot of other bands have used. For example, avoid using a band name with the word 'wolf' in it since right now there are a bunch of bands from Canada that have the word 'wolf' in their name (Wolf Parade, We Are Wolves). People get sick of repetition, and you want a name that stands out.
Try to stay away from names that are long or hard to pronounce.
Don't use a word you are not allowed to say in your name, because eventually you're gonna have to say the band name.