Huge fan - LONG TIME fan - of these greats. I have listened so much to them in audio, but it's amazing how they are just a bit MORE funny when you see them.
If this was February 11, 1982, it would have been very early in the show's run. If Wikipedia is correct, it premiered on February 1. And Bob's son Chris was working on the show from the beginning.
at 5:13 (going to commercial) you can see Ray point to Paul, who was in the SNL band at the time Bob & Ray did their SNL special, with the duo singing the chorus of that very song
On Late Night? No -- that was the regular band; Paul and Will had played the song on Bab & Ray,, Jane, Larraine, and Gilda in 1979. That's why they played it here, and the comics turned around and recognized what they were doing.
The "finishing each other's sentences" bit is better known as the non-identical twin band leaders, Claude and Clyde, the McBeebee Twins. I don't care what they're talking about; it's hysterical.