I came across this terrific game on another forum I frequent. Here's the procedure as given there:

1 - Go to wikipedia. Hit "random".
http://en.wikipedia.org/wiki/Special:Random
The first random wikipedia article you get is the name of your band.

2 - Go to Random quotations:
http://www.quotationspage.com/random.php3
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"
http://www.flickr.com/explore/interesting/7days/
Third picture, no matter what it is ((SFW of course)), will be your album cover.

4 - Use photoshop or similar to mix it all up. Host it and bring it here.

I bet you all can come up with some spectacular ones. Here are a few that I've already done: