Beautiful Song:
A few of mine, that I haven't seen mentioned by anyone else thus far:
If I had to pick one I'd have to figure out some sort of "playoffs" system between the following three songs:
Stevie Ray Vaughan's instrumental cover of Hendrix's "Little Wing" (Greatest Hits)
Pearl Jam, "Yellow Ledbetter" (my favorite version is the one I heard them do in Vienna in 2006, which had a whole "Little Wing" folded into it, vocals and all, but there really isn't a bad version of the song)
The Beatles, "While My Guitar Gently Weeps" (The White Album)
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Others worthy of mention
Yusuf Islam, "Trouble" (Mona Bone Jakon) (Eddie Vedder did a heartfelt cover of this song on his 2008 - ? - solo tour )
Pink Floyd, "Shine On You Crazy Diamond" (Wish You Were Here - even better on the new 5.1 SACD!)
Beethoven's Moonlight Sonata, played by Vladimir Ashkenazy in 1978 (trite choice, but worthy) (anyone know of a good one - even better a 5.1 channel SACD or DVD-A - with a lower noise floor than the Ashkenazy and similar playing?)
Zero 7, "Destiny" (Sia's live "cover" - she was the vocalist on the Zero 7 piece - too. Actually, I like the live version of it on Sia's Lady Croissant live disk better than the original)
Jimmy Page and Robert Plant's mid-1990s "cover" of Zeppelin's "Thank You" (No Quarter)
Coltrane's rendition of "Greensleeves" (The Impulse Years) (see Moonlight Sonata, supra)
U2, "Kite" (All That You Can't Leave Behind)
Natalie Merchant, "San Andreas Fault" (Tigerlily - I prefer the Mo-Fi remaster to the SACD, because the engineers didn't use the extra channels to create a more believable sound field, but instead went all gimmicky)
Adele's cover of Bob Dylan's, "Make You Feel My Love" (19)
Derek and the Dominos, "Bell Bottom Blues" (Layla and Other Assorted Love Songs) ("Nobody Knows When You're Down and Out" fits here, too.)
Eddie Vedder, "Guaranteed" (Into the Wild OST)
Shostakovich 7, Temirkanov/St. Petersburg Philharmonic (beautiful in a thunderous powerful way)