Robert's answer is pretty expedient if inelegant. A more elegant way would be to put some logic into the AccountController's Register method to check names against a "blacklist" then add appropriate ModelErrors if the name is blacklisted. You could also fold in other logical checks--such as verifying the user name isn't a collection of symbols, isn't profane, etc.
One could make an argument that this should really be implemented in the MembershipProvider rather than a controller and one would be pretty spot on but that is beyond the scope of this answer.