I don't know if it's been recorded, but when I saw Camper Van Beethoven they did a countryfied version of The Clash's "White Riot"
They do a good cover of "Wasted" by Black Flag as well. I have an AFI cover of "My Michele" originaly by Guns N' Roses on a mix. Also a cover of "Ashes to Ashes" by Dough Martsch from Built to Spill. There is an entire album of Cat Power doing cover songs as well. Ween's cover of Ace of Spades. Mephaskapheles cover of the Bumblebee Tuna song. Fantomas cover of The Godfather theme. Flaming Lips cover of "Seven Nation Army."
I can't remember when exactly except it seemed somewhat recently but does anyone remember the Ben Folds cover of an NWA song that Sam Logan linked to on Sam and Fuzzy?