here's the formula... color + noun. the first few that come to mind:

black sabbath
black flag
red krayola
blue meanies
greenday
green jelly
silverchair
yellowcard

hearing about this new "yellowcard" band made me think of silverchair and then it kinda went from there...

Grey Glans
Chartruese Goose
Squant Font
Brown-star Gallactica/Jefferson Brownstarship
The Red Menace

black print
black eyes
black dice
black rebel motorcycle club
black keys
black lipstick
black heart procession
black swan network
black crowes
black 47
black sheep

red kross.

pink fairies
silver apples

Red Transistor
Red Lorry Yellow Lorry
Blue Nile

Blonde Redhead
Silver Mt. Zion
Pink Floyd
Red House Painters
Red Stars Theory

ever notice all the band names that are like....

"The ______"

The blank is where some word goes. It's uncanny. For starters, there's "The Beatles".... see if you can think of any more!

Blue Cheer
Blues Magoos
Blueman
Red Eyed Legends
Green on Red
Green River
Green Pajamas
Red Red Meat
Red Meat (SF band)
Red Sovine
Purple Ivy Shadows
Black Angel's Death Song
Silver Beatles
Golden Earing
Golden Smog
Golden Palaminos
Orange Juice
Pink Lady (remember their TV varitey show?)
Black Oak Arkansas
Silver Jews

White Stripes
Whitesnake