Step 1: Go to http://en.wikipedia.org/wiki/Special:Random
and the first random Wikipedia article you get is the name of your band. Clip off any parenthetical disambiguation phrases tacked on at the end.
Step 2: Go to random quotations at http://www.quotationspage.com/random.php3
and the last four (or five, if it really works better) words of the very last quote of the page is the title of your first album. (If you want to do this again, you'll hit refresh to generate new quotes, because clicking the quotes link again will just give you the same quotes over and over again.)
Step 3: Go to flickr's "explore the last seven days" at http://www.flickr.com/explore/interesting/7days/
and the third picture, no matter what it is, will be your album cover. Use Photoshop or something to clip it to a square and add text.
Step 4: Go to http://www.livejournal.com/random.bml
and the subtitle of the journal you go to will be the first single from the album. (It may take a few tries to find one that has a subtitle, or that isn't in Russian, unless you want to use Russian.)
Put it all together, and that's your debut album.
I like this meme so much, I decided to do it twice:
First single: "Na Voyne Kak Na Voyne"
First single: "Never Gonna Ever Give Up Tat Easily" [sic]