According to a LA Times report, the The Flaming Lips will be collaborating with Henry Rollins, Peaches and others to record a track-by-track interpretation of Pink Floyd's psychedelic classic, Dark Side of the Moon. The cover album, which may or may not sync up with the Wizard of Oz, will likely be an iTunes-only release, at least initially.

In related news, the Lips announced that they have resigned with longtime label Warner Music Group.