Put together your own dream team - cohesiveness counts as much as musicianship. Only stipulation is that musicians must be living…
Here’s mine:
Drums - Zigaboo Modeliste
Bass - Stanley Clarke
Keys - Robert Walter
Guitar - Derek Trucks
Vocals - Van Morrison
The Whotles:
Drums – Ringo Starr
Bass/Vocals – Paul McCartney
Guitar – Pete Townsend
Vocals – Roger Daltrey.
The E Street Band.
Second choice: The group I actually saw back in '83:
Guitars: Eric Clapton, Jimmy Page, Jeff Beck
Bass: Bill Wyman
Drums: Charlie Watts
Vocals: Joe Cocker, Eric Clapton
The Pupps:
Jakob Dylan: Singer/songwriter
Sean Lennon: Guitar
Wolfgang Van Halen: Bass
Zak Starkey: Drums
The Lesser Half:
Courtney Love: Vocals, bass
Yoko Ono: Piano, screeching
Patty Scialfa: Vocals, guitar, tamborine
Meg White: Drums
Brains: Oracle
Brawn: Cosmic Boy
Magic: Scarlet Witch
Ranged/Tactics: Cyclops
Stealth: The (new) Atom
Tech/More Brawn: Cyborg
What?
Terje Rypdal - guitar
Jon Hassell - trumpet
Urszula Dudziak - vocals/percussion
Ikue Mori - electronics
Hugh Hopper - bass (get well, Hugh!)
Nana Vasconcelos - percussion
Jack DeJohnette - drums
Singer/rhythm guitar: Webb Wilder
Lead Guitar: Brian Setzer
Bass: Who cares?
Drums: Lars Ulrich
Sax: David Sanborn
Keyboards/backing vocals: Diana Krall
The Beagles
Guitar, Vocals - Glenn Frey, Joe Walsh
Bass, Keyboard, Vocals - Paul McCartney
Drums, Vocals - Ringo Starr, Don Henley
AC/DC playing Elvis Costello Songs with Robin Zander singing.
Drums - Keith Moon
Vocals - Freddie Mercury
Lead Guitar - Jimi Hendrix
Guitar/Backup vocals/songwriting - John Lennon
Bass Guitar - John Entwistle
Good lord man - that is PERFECT
(I thought about swapping out, oh, Alex Chilton for Zander - why go for the protege when you can have the original? - but Zander really has an amazing voice…)
And **Shoeless **- snerk The Beagles…hi-larious.
They all violate the one and only stipulation in the OP.
So you just didn’t care for the OP’s “must be alive” rule, eh?
I like this band. If H.H. can’t, maybe Steve Swallow.
Bill Frisell for tasty all round support.
Again with my love of Canadian indie rock. I’m surprised this group hasn’t happened already, though, for reasons that will become abundantly clear:
Co-lead vocals, lead guitar and/or drums: Chris Murphy (Sloan, The Super Friendz)
Co-lead vocals, lead guitar and/or drums: Joel Plaskett (Thrush Hermit, Neuseiland, Joel Plaskett Emergency)
Rhythm guitar: Drew Yamada (The Super Friendz, Neuseiland)
Bass: Chris Austin (The Super Friendz, Neuseiland)
In other words, all of these guys have played together in a band, just not all at the same time. Murphy played drums in The Super Friendz and guitar everywhere else; Plaskett played drums in Neuseiland and guitar everywhere else.
Band name: The Timing Champs (“Timing Champ” was Murphy’s nickname when he played in The Super Friendz).
Superman on Guitar
Batman on Bass
Doc Oc on drums
Wonder Woman on vocals
<snerk>
Oh, there are rules? :smack:
Let’s go with:
Lead Guitar/Songwriting - Pete Townsend
Drums - Zak Starkey
Vocals - Liam Gallagher
Bass Guitar - John Deacon
Yeah; I might tweak it a bit by using a different bass player…Cliff Williams may or may not be up to the task (no way of knowing; all I’ve ever heard him play is one note). 
My All Female Fantasy Band:
Georgia Hubley - Drums
Kim Gordan - Guitar
Kim Deal - Guitar
Tina Weymouth - Bass
Laetitia Sadier - Keyboards
Everyone would take turns singing.
Vocals - Robin Zander
Guitar - Giacomo Castellano
Guitar - Steve Stevens
Bass - Stu Hamm
Drums - Terry Bozzio
Keyboards - Donald Fagen