The Flaming Lips Reach for the Moon

The Flaming Lips rocked the Ricardo Montalban Theater in L.A. last week, but the MySpace show offered a real surprise during a Q&A session that followed. According to the L.A. Times, Lips' mastermind Wayne Coyne said the band is recording a cover of Pink Floyd's 1973 classic album "Dark Side of the Moon." Talk about a trip to "Fantasy Island"!

The Flaming "Moon" will actually be a collaboration with Stardeath and White Dwarfs that includes guest spots from Henry Rollins and Peaches. Coyne suggested it might be an iTunes exclusive.

The Q&A session also tackled the band's contract situation. Their current album "Embryonic" fulfilled their current agreement with Warner Records, but rather than test out free agency, the band intends to stick with its longtime label. Of course, one wonders if the right to cover classic psychedelic rock albums will be in the new contract.