Umm..
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.
It's a little bit eerie how well the picture matches up with the band name.
ETA - Oh, and this was the quote:
I'm a fan of laundry: the smell of fabric softener, the warm clothes in your hands. It's so good.
- Joss Whedon, Zack Whedon, Maurissa Tancharoen, and Jed Whedon, Dr. Horrible's Sing Along Blog, 2008