Found this over at Work of the Poet, and it looked like fun.
1 - Go to Wikipedia and hit random. The first random Wikipedia article you get is the name of your band.
2 - Go to quotationspage.com and hit random. The last four or five words of the very last quote of the page is the title of your first album.
3 - Go to Flickr and click on “explore the last seven days”. Third picture no matter what it is, will be your album cover.
4 - Use Photoshop, picnik.com or picasa, etc. to put it all together.
5 - Post it with this text and tag the friends you want to join in.