Originally posted by beetsnotbeats:
They don't need approval. Copyright law allows anyone to cover any song once the originator has published it himself/herself.
Yes and no. You'll need a Mechanical License for the song itself, a Master License if you wish to reprint the lyrics in the sleeve, and a seperate digital license if you are going to sell MP3's, AAC, WMA, etc. These can be obtained from the artists licensing rep and are generally approved. You pay a licensing fee and then split royalties 50/50. If you don't get the license ahead of time (enter The Verve), you pay penalties and lose all rights to royalties from the songs.
If you change the song so much that it is no longer recognizable as the original artists work, then the original copyright holder can deny the cover (this is what Prince did), otherwise, yes, you can cover anybody with little option for the original copyright holder.