We construct a two-level weighted TQFT whose structure coefficents are
equivariant intersection numbers on moduli spaces of admissible covers. Such a
structure is parallel (and strictly related) to the local Gromov-Witten theory
of curves of Bryan-Pandharipande. We compute explicitly the theory using
techniques of localization on moduli spaces of admissible covers of a
parametrized projective line. The Frobenius Algebras we obtain are one
parameter deformations of the class algebra of the symmetric group S_d. In
certain special cases we are able to produce explicit closed formulas for such
deformations in terms of the representation theory of S_d