Inside the iTunes application, there's the following file:
/Applications/iTunes.app/Contents/Resources/English.lproj/Localizable.strings,
which you can edit. You can tell iTunes to ignore the "The" at the beginning of the bands name.
I'm sure you can find a step-by-step description how to do it in the net.
Edit: Sorry, now I see you're talking about the Album name. I'm not sure if that's the same situation.