I seem to remember a blog entry, where Her Interactive explained how they come up with titles for their games. Each game starts with a placeholder title, and partway though development, they do a title workshop.
They make a list of words that describe the game and try to come up with good combinations. They end up with a list of all the possible titles that the employees like, and then they vote on the best one. Paul and I basically do the same thing with our games, except there's only two of us, so each vote ends in a tie.
Sometimes, the process results in descriptive titles ("Danger on Deception Island"), and sometimes this results in titles that are more dramatic than descriptive ("The Captive Curse"). And obviously, sometimes they make games that are based directly on books. They just reused the book title, for those.