Anyone is free to cover any song they like and perform that version or even post a YouTube video of themselves singing it.

You cannot however, offer your cover version for sale in any form unless you have the express permission from the Copyright owner(s) to do so.

This would usually take the form of an agreement between you and the Copyright owner(s) defining splits and payment of any resulting royalties from radio play or any other public performance and/or any sales of the version or subsequent alternative versions.

More on Copyright Ownership >