Sapphire Bullets, typically introduced as "the only They Might Be Giants tribute band that matters," are actually TMBG pretending to be a TMBG cover band. They've opened for TMBG on three occasions (1/27/2001, 10/31/2001, and 4/28/2003). They often wear TMBG t-shirts.
Sapphire Bullets, "founded in 1992 at Syracuse University," are Tyler (John Flansburgh - guitar, vocals), Jared (John Linnell - keyboards, accordion, vocals), Dylan / Stormy Black (Dan Miller - guitar), Corey (Dan Hickey - drums), and Parker (Danny Weinkauf - bass). Sapphire Bullets' lineup was originally completed by T.J. (Jim O'Connor - trumpet), and Justin (Timothy Newman - trombone) until they made the decision to go boy-band and had to drop to a 5 piece.
Stormy Black was recruited for Sapphire Bullets after winning a competition called Guitarmaggedon, at least according to what was said at the 4/28/03 show in San Francisco. For winning, he was apparently guitared-and-feathered. Stormy's name is evidently a parody of Snowy White, a guitarist known for his work with Thin Lizzy and Pink Floyd.
The name of the band is derived from the song "Sapphire Bullets Of Pure Love" off TMBG's 1990 album, Flood. The band has expressed their fondness of the album, and their set always consists of them covering the entirety of Flood, in order.