I arranged, recorded and produced a cover of Beat It! back in 2005 when I was studying Contemporary Music Production at SCU:
http://www.reverbnation.com/play_now/song_2163372
Drums, bass and vocal are live.
It was a fun project . Used 2 inch 24 track Ampex 449 tape as the recording medium on a 1988 Sony machine (effectionatly called Sonya). Dumped everything into Pro Tools and then I programmed guitars (couldn't find a student competent enough to play the parts) and synths in Cubase. Used my housemates (who were brothers) to play drums and bass live. And hired Nick Gibbs for vocals (recorded him in the lounge room straight into my box hehe
). Transferred everything back to Tape and mixed on a Langly Big board.
Sounds kind of amateurish now, but I was still learning at the time.