maudlin of the Well already did this. Well, sort of.
They didn't have the necessary funds to go into the studio and record an album, so they appealed to their fans and with the contributions of around 50 or so people pooled together enough money to finance, record, and distribute the album for free as a courtesy to their fans. Made the #2 spot on last year's RYM best-of list, if I'm not much mistaken.
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