Oh shoot. I see someone already got to three of mine, so I'll just second them:
Billy Budd - I read part of this in 10th grade. I think a story may have existed in there somewhere, but you'd need a weed whacker to find it. Never tried anyting else by Melville.
Old Man and the Sea - Another one from school. As someone once said, Hemingway wrote short stories for grown up boys. Yeah, yeah, yeah...the old man symbolizes Christ...big freakin' whoop. I tried another of his books (either A Farewell to Arms or For Whom the Bell Tolls, I can't remember), and although it wasn't as bad as TOMATS, it was completely forgettable.
Tess of the D'Urbervilles - Also from 10th grade. Mostly I recall that the plot hinged on a woman's rape, which she slept through.
Other supposedly classic books that I should have loved:
Walden - Boring beyond belief. Do I really need to know how much Thoreau paid for nails?
Great Expectations - Plot twists! Ooh! It's my firm belief that Dickens was the Danielle Steel of his day. For some reason, I had to read this twice in high school.
Red Badge of Courage - From 6th grade (again, who's picking these for kids?). The tall soldier, the fat soldier, the writer who couldn't be bothered with names, the kid who couldn't give a ◊◊◊◊.
Why Bad Things Happen to Good People - OK, it's not that this book was bad; I'm mostly just amazed that Christians keep passing it around to the depressed. The book is basically forced to admit that god is either all powerful, but doesn't care if you suffer, or very caring, but unable to stop your suffering-and yet the author still thinks you should believe.
The Story of O - Gag. Porn for snobby lit majors.
Then there was some Stephen King book a friend convinced me to read. I can't remember the title, but it involved a woman finding a spaceship buried in her back yard. Terrible writing, not the least bit scary and the ludicrous ending made me think he'd just finished watching It's a Mad, Mad, Mad, Mad...World.
I've tried to read Ulysses at least three times, but always given up.
I admit that I did love LOTR. It's the only fantasy book I've read, and I loved all the extra stuff that people thought should have been edited out.