This works surprisingly well...
1 - Go to Wikipedia and click "random article." The first random wikipedia article you get is the name of your band.
2 - Go to quotationspage.com and hit "random quotes." 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, PSP, the Gimp, or similar (pixlr.com is a free online photo editor) to put it all together.
5 - Post it your and add these instructions so your friends can join in.
Full quote:
Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade. Your mind will seek to develop the picture...Do not build up obstacles in your imagination.
-Norman Vincent Peale (1898 - 1993)