Nick Lowe wrote and recorded "Peace, Love, and Understanding" in 1974. However, the Elvis Costello version is the one people remember. In fact, Rolling Stone named the Costello version from 1979 as one of the greatest songs of all time. Lowe produced the Costello track, which the pair released as a b-side. The surprise hit became a last minute addition to Elvis' album Armed Forces.
Elvis:
http://www.youtube.com/watch?v=6RVDQgVxprE
Nick Lowe:
http://www.youtube.com/watch?v=P7txCdLCP9U
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