The familiar experience of having one's attention captured by the mention of one's name in a crowded room is called the effect. It is an illustration of .

Corktail -party effects; Selective attention.

Explanation:

Selective attention is the diversion and focus  of once attention on a particular important stimulus (visual, auditory) while oblivious of other stimuli in the same environment.Thus less energy is diverted to irrelevant stimuli and all energy to the most relevant. It can be conscious e.g when decides to focus on his phone  while discarding TV sets or radio set in the same room. or Involuntary when  bumps to  brightly colored sport car  in a slum.

A piratical example of this auditory form of attention  is  the Corktail -party effects in the question when an individual unconsciously glued to the direction of sound of the name in a rowdy room, while obliviuos of other sounds in the same room  or making mobile  calls  while driving a car.  In all this cases  maximum energy is directed  for processing  information for auditory effects while irrelevant stimuli are neglected.

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