You represent and warrant that: (i) you own the Content posted by you on or through the MySpace Services or otherwise have the right to grant the license set forth in this section, and (ii) the posting of your Content on or through the MySpace Services does not violate the privacy rights, publicity rights, copyrights, contract rights or any other rights of any person. You agree to pay for all royalties, fees, and any other monies owing any person by reason of any Content posted by you to or through the MySpace Services.
That pretty much says you can't post a recording of someone else's song unless you get permission (i.e. a license).