Just to mention one last one as you all mentioned Dylan and Hendrix and I'll stick in Neil Young again for good measure)..
Bob Dylan - All Along the Watchtower
Jimi Hendrix: All Along The Watchtower Live! Isle Of Wight 1970
Neil Young - All Along the Watchtower
I actually prefer Dylan's studio version of the song. His version here is very likeable tho and I think he owns the song for what it's worth.
I really never liked Jimi much live.. I almost always preferred his studio versions but he'll always be remembered for songs like Purple Haze and All Along The Watchtower nonetheless.
Neil Young.. always adds his own flavor whether it's rock or acoustic. I'd have to say if you already like Neil, you can appreciate this version even tho you may not prefer it to the original.
Dylan FTW!