It should be do-able. You could do it so that you could tag a field in the database as being a reference to another track (maybe a fid) and then have some UI to navigate that link. There could be lots of things different links you might like. e.g. "Parody of", "Live version of", "Cover of", "Remix of", "Remaster of" ...

I'm not going to think about how you might make a useful UI for it though!

Richard.