I made these lists in answer to an e-mail, thought I'd post them here also:

Q: What is the most covered Dylan song?

A:
These number from the Dylan Covers DataBase:

Two ways to look at it, with very different results.
The Top 10s:

Recordings only (ignoring multiple live performances by same artist)
Blowin' In The Wind 821
Knockin' On Heaven's Door 486
All Along The Watchtower 443
Don't Think Twice, It's All Right 429
Mr. Tambourine Man 359
I Shall Be Released 347
Like A Rolling Stone 321
It's All Over Now, Baby Blue 299
Times They Are A-Changin' 224
Just Like A Woman 215

Including multiple live performances by same artist
(obviously based on circulating/taped performances, somebody somewhere probably plays Watchtower every day!)
All Along The Watchtower 1,022
Blowin' In The Wind 889
Knockin' On Heaven's Door 810
Don't Think Twice, It's All Right 611
I Shall Be Released 581
It's All Over Now, Baby Blue 544
When I Paint My Masterpiece 501
Like A Rolling Stone 485
Tangled Up In Blue 476
It Takes A Lot To Laugh, It Takes A Train To Cry 464

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Dave / DylanCover.com / Blog in Plain D