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Personally I find the best magazine covers are the ones that have my own photos on the cover!
www.FakeMagazineCover.com lets you upload a digital photograph of yourself and have it put on the cover of almost any magazine cover in existence (many satire/parody fakes too). Choose from parody magazine and tabloid covers like Vogue, Discover, GQ, Popular Science, COSMO, ESPN, Esquire, National Geographic, TIME, 17 (teen news), fashion mags, and hundreds more (just do a search)! There are currently 864 magazine templates for you to mash-up your photographs with! Once you have created a fake magazine cover, you can add text and other special effects (even a online photo editor). You can find a few other sites with similar fake magazine cover tools in the list HERE.