Maybe they may become folk songs in time when those who have re-written "Over The Rainbow" such as Pete Seeger (much to the chagrin of Yip Harburg), find a variant song in times to come. This is the folk process as it goes from one voice to another.

It's certainly a similar process, but I don't think you can call it the folk process unless the folk are involved. If you add up all the professional singers, would-be professional singers and enthusiastic amateurs, you'll only get a small fraction of the population - most people aren't making music, they're listening to it.