Shout-outs to Houston punk band Culturcide, who did a whole album of covers, in a hilariously Situationist spirit. Here's Grand Funk Railroad's "We're An Industrial Band":
Or not. My embed-fu is obviously no good. Anyway, it's on YouTube, along with "California Punks," They're Not The World," "Love Is A Cattleprod" and others.
[Edit:] "Whoops! Don't my own strength!" - Bullwinkle the Magnificent
Spicks & Specks often has some unbelievable cover versions thanks to their "Look What They Did To My Song, Ma!" segment (for the unaware, a different live band rocks up each week to play a bunch of songs in their own inimitable style that the panelists have to correctly identify)
Barry Morgan: Cheesy grinning Hammond organ style -- this is a 100% visual performance that has to be seen to be believed
@Dextra - Me too! When I was in a long term poly relationship/triad, it was sort of our theme song. Plus I love it from hearing it as a wee lil kid planted in front of the TV on Saturday mornings.