And devoting a lot of time to it and making no money (although I don’t care about the latter) instead of writing / recording music?
Answer: Because it’s fun, kinda.
PS - I want an iPad 2, mainly because I’m a pop culture hound and have been brainwashed by Steve Jobs.
That’s all for now. 
LOL – I just saw on Facebook where you thought somebody didn’t approve of your solo on “Maggie May” – I assume because you played it YOUR way and not the way we’ve heard on the record for 40 freakin’ years 
There are FOUR solos that shouldn’t be altered and will stand the test of time for all eternity - Maggie May, Alright Now, Natural Born Woman and Comfortably Numb. All the others can be interpreted any way we choose!
Okay - slightly tongue in cheek! 
Thin Lizzie’s Whisky in the Jar solo should NEVER be messed with either. That’s FIVE 
That’s all that matters.
You forgot Eagles, “Hotel California”.
it’s nice to have fun from time to time. Go for it tones! I may be joining a progressive rock band in the next few weeks. Who’d a thunk it!!!
I did exactly that!! … 60’s/70’s and some more current cover band for about 2 years. No other free time for anything else … so writing and recording time was zero. Then things got so busy I had to leave the band, but somehow I have time to write and record again. It’s that 2 AM time slot thing …
Well, I’m in a 60/70ies cover band too (which will sometimes play some self composed songs… depending on the gig ). I’ve got one more song to add to the “solo must be like the original” list… Nr. 6… the Commodores - easy
Let’s just say it was the heavy metal version.
It’s actually kinda cool to learn a lot of these songs, especially the solos, because most of it is in styles I never play and I never realized how good some of the jazzier and R&B solos were. Solos like on “Rikki Don’t Lose That Number” and “Midnight at the Oasis” are memorable and really rock but are smooth at the same time. And I’m learning how to play more layed back and behind the beat on the R&B stuff instead of the on-top of the beat in-your-face style that I usually play in. Also still trying to get over my EXTREME performance anxiety and still screw up a lot as a consequence, but fortunately the “band” I’m talking about is more of an “ensemble” with about 6 acoustic / electric guitar players to cover which is a good transition to get back into it, although I’m completely exposed on the solos.
and don’t mess with the Stairway solo either 
If it was totally up to me (and it’s not), I’d be messing with EVERY solo. You need to get the key motifs down, but it’s cool to me to try to “metalize” everything, at least in tone.
Are you sure the band isn’t thinking “Why is HE with us?”
Form another band that specifically metalizes everything. Then work with the one that’s the most fun or money, whichever you prefer.
That’s not what i said. I’m actually NOT metalizing everything, it’s just my first instinct.
Plus, you can never get even two guys to agree on what should be done in a band, let alone 10. There will always be differences of opinion - that’s what make people think outside of their comfort zone, which is a good thing.
I felt EXACTLY the same. If fact, you can probably point to a few threads here where I say I can’t stand ANY cover band. Heck, I hadn’t ever played standing up with a strap in 20+ years. I mean not EVER. 
But I got together with a few people playing and it was just kinda fun from a social standpoint. And it definitely is making me a more versatile guitarist - I am learning stuff I didn’t really know in terms of different chord voicings and different solo modes and keys that I would normally shy away in my own songs. So there will be a songwriting / playing benefit when I get back to recording.
As a side note, since I don’t drive and have to take cabs / public transportation everywhere, I had to come up with a HIGHLY portable rig that could still be heard in smaller venues. So I bought a lunchbox amp:
http://www.ztamplifiers.com/products/lunchbox.html
which is literally the size of an actual lunchbox but puts out 125 solid state watts rms, and combined it with a Line 6 POD X3 and a Line 6 FBV express footpedal. I could fit all THREE of those things plus all the cords in a backpack that I carrty on my shoulder and then can carry my guitar in a light padded guitar case in my hand. Surprising, this setup actually cuts through pretty well and sounds really great in a larger group where I don’t have to provide really any bottom-end (which is hard with a single 6" speaker). It’s unbelievable how good this rig sounds for the size, and the X3 makes it completely versatile for any type of sound (it has 72 amp models and over 100 effects). 
Paul Woodlock correctly said:
Thin Lizzie’s Whisky in the Jar solo should NEVER be messed with either. That’s FIVE
I concede that one plus quite a few that have occurred to me since. 
…and lookee here:-
I think she’s actually grooving and understanding the coolness of what she’s doing! Wow! Get her on the session!
Don’t mess with Money… 
… Gilmour at his best.
Actually, I wouldn’t f-uck with ANY Gilmour solo – they’re all too iconic 
The thing I’ve learned about the solos is that no one cares about them except guitar players. No way you really have to copy any of them note for note, although many of times that’s actually the easiest thing to do.
I think that’s absolutely correct in a bar setting – I’ve seen it numerous times: guitarist is wailing away quite nicely and nobody is paying any particular attention.
What’s interesting is on a different day in the same exact bar, a JAZZ musician that plays a solo will typically get a nice round of applause. It’s a matter of tradition, I think
One of my former guitar slinging bandmates got “reeling in the years” down to a T, no easy feat… We bought him extra beer.