Madonna's cover of American Pie suck ass.
If they count, Natalie Cole's "duets" with her dad are--in my mind--the equivalent of a crappy cover album.
Any great song ruined by Barbara Streisand or Celine Dion.
But, my top two most hated are probably Limp Bizkits(sp?) cover of Behind Blue Eyes and Britney Spears doing the Stones.