My favorite poem is The Hollow Men by T.S. Eliot. My favorite line isn't the most notable ("This is the way the world will end, not with a bang but a whimper"). I like the line "We are the stuffed men, the hollow men." I love how Eliot inserts concepts from other stories and plays and uses them for his own work in a unique way.
As for song...currently it is Painted by Evans Blue. My favorite lyric is "Let them say all that they want. I'll wipe away your painted wings till your heroes come". The song is about trying to stop someone from killing themselves, and I can relate to it deeply. Also, it has beautiful lyrics.
I also like Change by Deftones and my favorite lyric is "I've watched a change in you. It's like you've never had wings. And now you feel so alive." I like it because I can easily relate to it. I also like the bass.
And last, but not least, I just started to like Beg by Evans Blue. I have many favorite lyrics, but I love "Was I creating only chaos? The world lives just fine without us." Again, I can easily relate to the song and the lyrics are insane. I used to hate it with a passion, but I've recently fallen in love while listening to the acoustic version.
I love funny poetry and poetry with beautiful imagery. I want to see what the poet was thinking in my mind, but in my own way.
Some of my (horrible) poetry (and stories) is here:
http://www.writerscafe.org/writers/Clyde-chan/