Live from New York, it's...Will Ferrell

Sketches include: Bush's Good Health, Subshack, The Boston Teens At The Liquor Store, Moleculo: The Molecular Man, Napster Testimony, Taint-less Ted, Find The Black People At The Knicks Game, VH-1 Diva-Thon, Democratic National Committee, and Sports Century: The White Boxer

Don Henley performs: ""Everything is Different Now"" and ""Heart of the Matter"" (the second performance was cut on the NBC rerun and replaced with a DeMarco Bros. sketch where Chris Parnell, Chris Kattan, and Conan O'Brien audition for Don Henley)

Joel (Armisen) rambles endlessly about a restaurant he visited to his friend Liz (Kristen Wiig) at first, and becomes so involved in the story that he fails to notice that he is discovered by talent scouts (Hader, Parnell), stars in a movie with Scarlett Johansson, becomes a national phenomenon, and then loses it all when his movie flops at the box office. Brian Williams, MTV correspondent Gideon Yago, and Conan O'Brien also make cameo appearances.

This short was filmed the week of the Johansson episode, but was cut after dress rehearsal from both that episode and the Peter Sarsgaard episode before finally airing on the Steve Martin/Prince episode.