Meme pilfered from eccentricrabbit (who I can't make a tag for because I already have the maximum of 2000 tags...I'll have to delete some at some point):
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 or similar (picnik.com is a free online photo editor) to put it all together.