My Chemical Romance have resurfaced from their extended break to release a video for their cover of Bob Dylan’s song “Desolation Row,” to be featured in the upcoming Watchmen movie.

The band announced the pending release on their blog yesterday, along with a link to a 30-second preview.  The full version is now available to download on iTunes for $1.99.

The song is a radical reworking of Dylan’s nine-minute-plus ballad, trimmed to a lean three minutes and given an aggressive, punk-style makeover that hearkens back to MCR’s I Brought You My Bullets, You Brought Me Your Love days.

Arriving at the sound was no accident, as Gerard Way told MTV News: “[It's] punk but not in a modern punk sense. We really went for that Sex Pistols-type sound . . .  In fact, when we did the guitars, we brought in Marshall heads and ’50s Les Paul customs. So basically, relative things set up as the Pistols to get that sound. And the mixing was done accordingly as well. It’s very distorted and it’s very trashy.”

As for the video, Gerard is back in his pale complexioned, red-rimmed eyed glory, looking again to the band’s past.  The entire band is outfitted in gritty punk style, with leather and studs abounding among reds, blacks, and whites and dirty denim.  Guitarist Frank Iero sports a tattered Union Jack on his jacket, another subtle nod to the obvious.

The punk homages don’t stop there, with Iero also rocking a Misfits-inspired hairdo, and even the ever carefully coiffed Mikey Way thrashing his mane into a mess that Sid Vicious could be proud of.

Glimpses of drummer Bob Bryar’s bloody mouth, guitarist Ray Toro’s equally bloody nose, and Gerard Way’s black eye and bandaged brow give a sinister vibe to the already gritty affair — foreshadowing for the video’s chaotic conclusion that set many a fangirl’s heart a flutter.

Despite Gerard and Mikey Way working on their respective comic books, Frank Iero touring with side project Leathermouth, and the others working on their own projects, it’s obvious that My Chemical Romance still have their amazing chemistry.  It’s a small comfort to see that commercial success, marriage, and family haven’t diminished My Chemical Romance’s ambition, or perhaps more importantly their dark sense of humor and flair for the dramatic.