Jimbo wrote:
In German, Wagner would be pronounced "Vogner." It's pretty close. And some Wagner compositions might well have had an influence on heavy metal.
In fact, standard German would pronounce a 'g' in this context with much less voicing than English. In other words, it's noticeably closer to a 'k' than the English 'g'. So it seems highly likely that the reference was indeed to Wagner. And, like Jimbo, I think that stylistically Wagner is a likely reference for a Heavy Metal band.