From Beck's site:
"An informal meeting of various people to record an album in a day. An album will be chosen to be reinterpreted and used as a framework. Nothing rehearsed or arranged ahead of time. A track will be uploaded once a week on beck.com as well as through the web sites of those involved with the project."To start things off on an appropriately sacrilegious note, Beck and some friends--including legendary producer Nigel Godrich and an Icelandic guy named Thorunn Magnusdottir--decided to take on the timeless The Velvet Underground and Nico.
"After lengthy deliberation and coming close to covering Digital Underground's Sex Packets, all present voted in favor of the 'other' Underground..."