"The World is in the Turlet" by Ted Leo and the Pharmacists. (Or here if you don't have Real Player.)
Last night Tom Scharpling, host of The Best Show on WFMU, invited his listeners to co-write a song with Mr Leo by calling up and suggesting lyrics. He then e-mailed the lyrics to Ted and Co. who whipped up this song in their studio, recorded it and sent an MP3 to Tom who played it on the air. This being the digital age, it's not quite the impressive feat that Warsaw Pakt's Needle Time was but it's a rockin' song regardless.
You can listen to the entire show and thus the whole songwriting process here.