Yes, this actually happened, and there is video.
Chris Chelios and Eddie Vedder sing “The Weight” as a tribute to Levon Helm at Stanley’s in Lincoln Park during Sunday’s live band karaoke night. Kerry Wood provides support.
I mean… what else can I say, really? Besides the requisite “this is awesome,” I mean.
EDIT: Well, the video was taken down from YouTube, which disappoints me greatly. However, it was saved for posterity on Deadpsin, so check it out over there.