I've always said Hyst-air-ia rather than Hyst-eer-ia, not just for the name of the song.
Hyst-eer-ia sounds like more of an American pronounciation to me.
Switched on the radio this afternoon and heard Hysteria being played during a Prison Break ad, which I was both surprised and annoyed about.
Annoyed because I thought I'd get to listen to the song.