All Along The Watchtower takes some beating, as cover versions go
The Sisters Of Mercy did some interesting cover versions before AE disappeared up his own ever decreasing circle
Knocking On Heaven’s Door (Dylan):
[video]http://www.youtube.com/watch?v=-dQV_8hhKZg[/video]
Emma (Hot Chocolate):
[video]http://www.youtube.com/watch?v=4GuKrVFm0Hg&feature=related[/video]
Jolene (yes, Jolene)
and for me, the best was
Gimme Shelter:
[video]http://www.youtube.com/watch?v=5mgmXng5rto[/video]
BUT
don’t EVER do a carbon copy