one of my favorite all-time anagrams is from Creem magazine circa 1977: "King's Lead Hat" from Brian Eno's "Before and After Science" record can be converted to "Talking Heads" the band that Eno was producing and in love with at the time.
one of my favorite palindromes is this: "Satan oscillate my metallic sonatas". This was coined by Brad Stevens, roommate of Soundgarden guitarist Kim Thayil in Seattle circa 1987. We used the palindrome in a film we made for Lollapalooza in 1994 featuring Thayil burning an American flag, it also included original music by Steve Fisk and Negativland. Timothy Leary loved it and watched it repeatedly in the "Media Tent" which was the geek sideshow in which he was impanelled that year. A small sachet of cultural history to perfume our daily lives and lessen the stench of pillage and advertising all around...
PS:
http://www.dbfestival.com/