Stumbled across this site while watching some Doug Benson clips on YouTube. It's a multi-media/pop-culture website: film/music/book/comedy reviews and discussion.
They have a series called "Undercover" in which they compile a list of songs to be covered and invite bands to participate on a "first come, first served" basis (the first song is chosen and the remaining participants must choose from the remainder...and on until the last band to respond has no option but to cover the remaining song.) There are a lot of indie/unknown acts involved but a healthy dose of performers with whom you're familiar. Last night I watched:
Gwar -"Carry On My Wayward Son"
Barenaked Ladies - "In the Air Tonight"
Local H - "Shock the Monkey"
They Might Be Giants - "Bills, Bills, Bills"
Pretty great...there are quite a few of these episodes to keep you entertained.