I think when you're coving a song their's certain key parts that you have to "get" so that people know what you're doing, but other than that it should be adlibbed or done in an original manner. I think it should be easy to tell one band from another playing the same tune. Look at it this way, Jimmy Vaughan said about his brother "Stevie never played a song the same way once." Constant variation is the only way to keep things fresh, and what happens is that if your band gets a reputation for doing really intersting covers/parodies people will show up just to see what you do next.

As for me: I'm a 21 year old bassist from the hills of Vermont (as it sais to my left). By day I work in a basement cutting paper in a small print shop (I actually get to do everything from sweeping floors and cutting paper to IT, customer tech support, and high end pre press, but I get paid as a paper cutter). I have my band The Bocce Wagon and I usually play some open mics for spare cash, free drinks, and so I can come to work Fridays looking like a zombie. I also scuba dive, play paintball (when I have enough money for paint and the weather is nice) and write poetry/lyrics/music when I'm feeling paticuarly inspired. Oh, and I can also be found playing guitar from time to time.