I only got it a few years ago, when I heard it said aloud on some TV show–I felt really stupid, because I’d always said it as “Lips, Incorporated.” But just the other day, I got to feel better about it–after I heard a DJ mispronounce it exactly the same way.
So, no, you’re not the only one! 
Interestingly enough, JFKFC comes from here.
A couple more:
Camper Van Beethoven
Reel Big Fish
A few not-quite puns, but some wordplay :
The Trans-Siberian Orchestra
Booth and the Bad Angel ( play on Angelo Badalamenti’s name)
Emergency Third Rail Power Trip (not quite a pun since this is exactly what the signs say)
But the winner for way, way, too clever band name :
The Kinsey Sicks
Great one: John Cougar Concentration Camp.
I had a hearty laugh when I read the following name in a list of “Weird Band Names”. Never heard of the band, but if they exist, great name!
New Squids on the Dock.
The Crystal Method
Freezepop
Richard Cheese (eww)
Inxs ?
XTC
At first, I thought The Allman Brothers Band was a pun – “all men (are) brothers”
Not the band, but their album - Van Halen’s OU812.
Eve’s Plumbs would be one.
Average White Band
Rock4 (Israeli band, early 90’s).
The Amazombies - a female punk band
Black Velvet Flag - A group who does lounge covers of punk music (velvet for the covers and black fag being a seminal punk band)
Boris the Sprinkler (based on the Who’s Boris the Spider)
Lunachicks
The Spinatras
The Greg Kihn Band isn’t a pun in and of itself, but several of its album titles are:
Next of Kihn
GregRocKihnRollBand
Kihntinued
Kihnspiracy
Kihntagious
Citizen Kihn
Kihnsolidation
Greg Kihn Unkihntrollable
Kihn of Hearts
Kihnspicuous Taste
That is brilliant!
A band that doesn’t exist that I always thought should is Pontius Pilate and the Nail Driving 5
:eek:
Never heard of them. If they’re young republicans, they have completed the trifecta.
REO Speeddealer got sued by the band and now is just Speeddealer.
My personal fave is Freddy and the Four Gone Conclusions!
Not to mention they rock as well. Features Freddy Fortune from Fortune & maltese.
Hehehehe of course i meant Black Flag.
I also thought I’d throw in some fake band names from Illuminatus!.
Fillet of Soul
The Gospel According to Marx
The Pubic Heirs
Acapulco Gold-Diggers
Occidental Ox
The Horseless Headsmen
MC Squared
Gorilla Warfare
I Opening
Reddy Willing and Unable
Nothin’ Sirius
Waaay too much time on somebody’s hands.
Similarly, Me First & the Gimme Gimmes
And, although the name (and bacd) are from a movie, The Oneders (not the O-Knee-Ders).
Does Question Mark & the Mysterians count?
An episode of Quantum Leap had Sam playing a disc jockey, and, when there was dead air, he attributed it to Dull Needle & the Statics.