Can a band cover a copyrighted song under a CC license?

I run a netlabel, and I want to do a tribute album. All of the songs that would be covered for this tribute are copyrighted songs. The netlabel is completely non-profit, so neither the label nor any of the bands participating would be making any money off of this whatsoever. My question is, is this legal? Can a band claim a Creative Commons license for its cover of a copyrighted song? Can a non-for-profit netlabel claim Creative Commons ownership of an album consisting of covers of songs that are all copyrighted?