AND NOW HERE'S THE NEWS: Ever wonder what John Waters' 12 all-time favorite records were? Now the secret can be revealed--thanks to the new sound track of "Hair Spray," an upcoming movie spoofing '60s teen bandstands from Waters, pop cinema's Count of Camp and director of such midnight-movie delights as "Pink Flamingos" and "Female Trouble." As Waters reminisces on the album's liner notes, the sound track features "the obscure hits that remind you of the scariest kids in high school . . . the boys who got high on cough medicine and the girls with giant hair-dos and mosquito bites on their ankles." Due out in late February on MCA Records, the "Hair Spray" sound track has old hits (Gene Pitney's "Town Without Pity"), new grooves (Rachel Sweet's rendition of the title song) and such obscure gems as the Ray Bryant Combo's "The Madison Time," the Ikettes' "I'm Blue" and "I Wish I Were a Princess" by Little Peggy March. The film, which features Sonny Bono, Debbie Harry, Pia Zadora and Divine, is due out in March but will "sneak preview" at the Wiltern Theatre next Sunday on the closing night of the "Rock in Film" festival.