"Cinderfella Dana Dane" since I can't sing and would just be auditioning as a gag.
"Once upon a time, Brooklyn was the scene
  In the project that they called Fort Greene
     There lived a young man, Cinderfella's his name
  To make it interesting it's me, Dana Dane
  I lived in a house with my cruel step-dad
  And two step-brothers who treated me bad
  I cooked, I cleaned, I scrubbed the floors
  And I was like an errand boy runnin' to the stores
  My brothers, they used to boast and brag:
  "We've got fresh gear and you've got rags!"
  Even worse than that, to make me feel low
  They gave me a straw hat, while they had Kangols
  Girls used to say, "Dane, you're so cute
  But you gets no rap with them polyester suits"
  Well, one day, up the avenue
  There was a man surrounded by the Fort Greene crew
  He said, "Hear ye! Hear ye! Come one, come all!
  The princess is having a royal ball
  If you can rap, also dress fresh
  You might win a date with the sweet princess"
  Well I, um, ran home when I heard the newsflash
  I bust through the door, straight to my step-dad
  I said "Step-dad, may I?"
  And before I could finish, "Hell no!", he replied
  My brothers were goin', they were geared down
  Even Pops was goin' for a piece of the crown
  They flaunted, they haunted, they knew what I wanted
  "We can and you can't" is what they taunted
  They all stood there laughing in my face
  And as they walked out they said, "Clean up this place!"
  
  Chorus
  ------
  
  (Cinderfella Dana Dane!)
  But I'm the rapper Dana Dane with fame
  (Cinderfella Dana Dane!)
  Yes, I'm the rapper Dana Dane with fame
  Well I shrugged, I hissed, "They're all tryna diss
  I'd get them back if I had one wish"
  Before I could make my thought a phrase
  There appeared a man from a puff of haze
  He said, "What's up, Dane? My name is Hurb
  I'm your fairy godfather, you know it, word!
  Now I've came here with the main purpose
  Of granting you your fondest wish"
  I said, "Hurb, my man, just make me fresh
  And I'm sure that I can handle all the rest"
  With a snap of his fingers sparks began to shoot
  And I was tough and on my body: a slick silk suit
  On my feet there was argyle socks
  And a fresh pair of Ballys from the Bally shop
  I showed him my hat and don't you know
  With a snap the hat became a Kangol
  Once again his hands began to flow
  Then he changed my skateboard into a Volvo
  He checked me over, passed me the keys
  And said, "One more thing before you leave...
  You must return before the stroke of twelve
  Or you'll turn back into your old self"
  
  Repeat chorus
  
  I jumped in the Volvo, went on my way
  I got to the party 'bout ten, I'd say
  It was after eleven when I rocked the mic
  And by the time I left the stage the people were hyped
  The princess was staring in disbelief
  Reflected from her eyes were my gold teeth
  She waved her hands like 'Hello! Hi!'
  Then gave another gesture like 'Come here, guy'
  I left the stage, girls came in flocks
  Fists were swingin' from the hard rocks
  I heard a sound, not a tick nor tock
  Gong! First bell before twelve o'clock
  No time to waste, I broke out in haste
  The princess followed in a futile chase
  A quick steady pace is what I kept
  Lost one of my Ballys on one of those steps
  For the Volvo I continued my stride
  About this time I heard gong five
  I was down the block when I heard gong eight
  And the princess scream out, "Wait! Wait! Wait! Wait!"
  
  Repeat chorus
  
  I was almost home when my luck ran out
  And there went my suit, my Kangol and clothes
  My fresh Volvo also went too
  And there was no denyin' that my night was through
  The one Bally shoe the freshest thing I sported
  Jumped on my board, for home I skateboarded
  Made it to my pad, no time at all
  Went to my room, or better yet the far wall
  Hid the shoe away still feelin' pleased
  Then jumped in my cot to catch some Z's
  Early the next morning when I awoke
  I threw on me old slippers and me old housecoat
  Went into the front, my family stared at me
  Sayin' "Wasn't that you?! Nah, it couldn't be"
  They kept askin' me as I did my chores
  My butt was saved by a knock on the door
  "Who is it?", that's what my brothers barked
  "The princess", this sweet voice remarked
  She said she was lookin' for a certain man
  Who could bring her the shoe like the one in her hand
  The family ran around with their heads in the air
  Bringin' on shoes from everywhere
  She just shook her head, a nod of relief
  Sayin' "No, that's not the one that I'm lookin' for, chief"
  I ran in the room and got my shoe
  And said, "Is this the one you're referring to?"
  Well she said, "Yes, and you're so cute
  But where's your Kangol and slick silk suit?"
  I put on the shoe, there came a flash of light
  And I was tough in the gear from just last night
  Looked out the window, saw the Volvo
  Said to my family, "I've got to go"
  We drove up the avenue, the princess and I
  And in back of me I heard my family cry...
  
  Repeat chorus
  
  (Cinderfella!)
  Yes, I'm the rapper Dana Dane with fame
  (Cinderfella!)"
   
You can listen to this masterpiece here:  
http://www.myspace.com/danadanewithfame
If I could sing and was serious I'd probably try "Look out my Window" by Jonny Lang.