It's typical - you wait around for years for some new Monkey Island music and then loads comes along at once.
Firstly we have a cover of the Phatt Island music by a band called Neskimos, discovered by MorteTheSkull on the Monkey Island forums.
They're a metal band, and that might be a little heavy and distorted for your taste (plus it's live so the quality isn't as good as it could be) but I think it's pretty good! The track will apparently appear in studio recording form on their upcoming album "NESkimo Brutality."
Whilst I was revealing this news to the fan community, however, Zaarin told me that Press Play on Tape (a 'Commodore 64 Revival Band') had been quietly touring the globe playing Monkey Island tunes themselves. I went to their website to investigate, where I found a video of the band playing the Monkey Island theme and LeChuck theme in London.
But wait! There's more! Over at Amiga Remix Zaarin unearthed yet more Monkey Island covers by PPOT.
We are surely spoiling you! Go download you fools, before father time catches up with you.
Source: LucasForums
http://virt.vgmix.com/
And God, yes, the Neskimos one is superb.