What a fantastic thread! Too bad Rush doesn’t qualify on account of their one Top 40 hit (and a crappy one at that): they would have been the perfect example. One of the best selling bands in the world, with one lousy single (semi) hit.
Whilst we wait for scotandrsn’s follow-up, I’d like to tackle a few of the suggestions.
KGS: Dream Theater came to mind for me, too, but I guess they’re not mainstream enough to qualify as a no-hit-wonder. But hey, last week whilst driving through Phoenix, Alice Cooper played Pull me Under! What a fantastic band they were and still are.
scotandrsn, I have some doubts about some of your results there. I know for a fact that The Pixies’ This monkey’s gone to heaven was definitely a Top 40 hit over here (Holland), as was The Breeders’ Cannonball. The latter was even a top 10 hit here, and that would be highly unlikely if it did nothing at all in the US. Are you sure about those two bands?
spoke-, surely Fairytale of New York must have been Top 40 material for The Pogues? If not that, then Fiesta.
ZebraShaSha, you asked for it.
I’ll just pick those that haven’t been mentioned yet.
Massive Attack: Unfinished Sympathy was top 5 material on this side of the pond - surely it made the Top 40 in the US?
The Cure: tons of chart hits in Europe. I’m sure at least one made the US Top 40.
Poco: Call it love was a big hit here - and Poco never was huge on this side of the pond. I can only imagine the song got big here riding on its US success.
Cheap Trick: their live version of I want you to want me charted not once, but twice over here.
Doobie Brothers: Listen to the music and Music is the doctor were chart hits here. Surely the first was one in the US, too?
Doors: whether it was posthumously or not, they charted bigtime when the movie came out in the early 90’s. Riders on the Storm comes to mind, specifically.
Pete Townsend: Face to Face was Top 5 material over here.
The Band: although officially under Robbie Robertson & The Band, Somewhere down the Crazy River was a top 10 hit.
pant pant pant 
Oh, I think Leonard Cohen had a minor hit here with First we take Manhattan, but it could have just been a tip parade thing.