Status Quo not only re-recorded the music but also the lyrics of 'Down Down' for an Australian supermarket called Coles ("down down, prices are down..."). I don't mind because they did it so fucking brazenly. They went and re-recorded it at ABBEY ROAD, played big stupid red hand-shaped guitars, and posted the results on their official youtube page. Drug habits don't come cheap I guess, but if you're going to sell out, this is how you do it: http://www.youtube.com/watch?v=XB383WkXcqE
Sadly I can't find a video link to it, but Shed Seven re-recorded their track 'Speakeasy' for (now defunct company) The Link in the early 00s - changing the lyrics from "speak easy, when you speak is it easy?" to "speak easy, at The Link it's easy". It seems no video evidence of this exists, but it definitely did. This was also acceptable as, despite their artistic and critical credibility, the album sales weren't what they once were by this time and money had to be made somehow. It also went directly against the 'suffering artist' cliche which is lionised in alternative music. In this respect, their actions were punk as fuck.
Iggy Pop selling insurance was also fine because it's Iggy Pop. He can do whatever the fuck he wants.