No, it's not the name of a band...It's actually an attempt to break down songs into their constituent elements, much like biologists can do with proteins. Check it out at Discover Music.
There is an associated internet radio site, http://pandora.com which will create and play custom radio stations for you (I haven't heard a commercial yet). All you do is give it a "seed" of an artist or a song. It uses information about that artist/song and other songs in its database to play "similar" songs in that radio station. It has awesome fast-forward & pause features when compared to other internet radio sites.
You should check it out.