I'm a huge fan of Supergrass and was overly pleased to read that Gaz Coombes and Dan Goffey have teamed up with Nigel Godrich to form The HotRats; an endeavor dedicated to recording covers of "their favourite tracks." I highly suggest partaking:

• Damaged Goods - Gang of Four
• Can't Stand It - Velvet Underground
• Drive My Car - The Beatles

More on their official site.