The International Society of Supervillains blog has the list of the 11 lamest supervillains in comic book history. For example, here's Asbestos Man:
Chemist Orson Kasloff became a criminal after years of being a respected scientist failed to pay off the way he expected. He envied his fellow scientists, who he often saw riding around in Maseratis and banging supermodels, like, every night, because that's obviously what scientists do all the time. He didn't get much respect as a criminal, though, and decided the best way to quickly gain a rep would be to defeat the Human Torch. So he challenged him to a fight in a letter and created an asbestos costume.
The Asbestos Man created a flame-retardant asbestos suit to fight the Torch and used a fancy net to rope him in. The Torch rendered him instantly useless when he broke his net. Then he laughed at him for wearing a suit that would cause him to inhale particles of a known carcinogen. That's just stupid, kids!
Lame? With asbestos litigation costing over $250 billion in the US alone, I think Asbestos Man is the scariest supervillain ever: http://www.the-iss.com/2007/07/the_11_lamest_supervillains_in.php - Thanks EEM!