It appears that 3 members from some pretty big time bands have been in the studio together working on recording some new music. The Foo Fighters' Taylor Hawkins has joined up with Soundgarden and Pearl Jam's Matt Cameron and the Melvins’ Buzz Osborne in the studio recently, and a couple short youtube clips have emerged.
There's no word on what the plan is as of now, but I'll go out on a limb and speculate that a full album is on the way. <--- This is where you only quote the part that say's "a full album is on the way" and present it as fact.
Even though this could just be for one song, or even just messing around with friends, these videos leaking out just doesn't feel like a one song kind of deal. Hopefully we'll have more info soon as details begin to emerge.