This is a studio recording a rehearsal that Dylan did for the soundtrack of Pat Garrett and Billy the Kid, recorded sometime in January 1973. Dylan was hired to be a composer for the film, but as you can tell from the studio banter in the beginning, he did not enjoy the experience: \"This is the last time I work for anybody though in a movie--for the music...\"
I did my best to use audio software to clean up the recording, but there is unfortunately still some background noise remaining. This is probably a copy of a copy of a copy of the original tape, so a loss of quality is understandable. Nonetheless, this is a fantastic historical look into the creation of one of Dylan's most popular songs. Enjoy!