Hoax #1: R.E.M. release a new album, and it's getting really good reviews. Sorry, nation's rock critics, but it's 2008, not 1988. Those guys aren't due for a revival until 2012.
Hoax #2: Noted writer/director/sleazy guy Woody Allen has sued American Apparel, the sleazy clothing company with the sleazy CEO, for using his image in one of their sleazy ads. I find all this doubtful: if Mr. Allen's so protective of his image, why hasn't he sued about half of his films? [rimshot]
Hoax #3: Oh noes! Scott Weiland was kicked out of Velvet Revolver because of his "erratic behavior and personal problems." I'm suspicious, though: why would you hire Scott Weiland to be in your band if you didn't want erratic behavior and personal problems? Isn't that like the frog getting mad when the scorpion stings him halfway across the river? And without Weiland, wouldn't Velvet Revolver have to change their name to "The Guys From Guns N' Roses Who Aren't Axl"?
Hoax #4: No matter how humiliatingly you may have gotten pranked today, at least it probably wasn't as mean as these two practical jokers who, in order to cover up a robbery, allegedly posted a Craigslist ad inviting people to come over to their victim's house and help themselves to anything they wanted, including the guy's horse.
For all your other April Fool's needs, Wikipedia has a fairly comprehensive list of pranks, including Google's new time-travel capabilities, YouTube's massive Rickroll, and the mysterious re-moustaching of Alex Trebek.