I am going with Garth Brooks "Old French Whore."

Honorable mentions, off the top of my head:

The morning show where the teleprompter went out is way up there.

Pete Schweaty and his balls.

Canteen Boy and Alec Baldwin.

The Shark.

Steve Martin's intro- "Not gonna Get Liquored Up Tonight"

Wayne's World- the Madonna dream

Steve Martin- King Tut

Jerry Seinfeld- Seinfeld in "OZ"

Christopher Walken- the first "The Continental"

Patrick Swayze- Chippendale's

Jim Carrey- Lifeguard

Paul Simon- Turkey suit.

Chris Walken and the Blue Oyster Cult skit.

"I need more cow bell baby"

SPROCKETS!

My vote goes to the entire stretched-out "Who killed Buckwheat" skit.
Extremely noteworthy:
The Olympic Synchronized Swimming skit (feat. Shearer & Short)
The 60 Minutes spoof w/ the fake gag gifts (featuring M. Short's Nathan Thurm)
"The Gumby Christmas Special"
"The Continental"
Chippendale's (w/ C. Farley)
The "You know what really hurts..." skits (w/ Guest & Crystal)
Adam Sandler's "The Denise Show"
Tim Kazurinsky's orgasm guy - eg.: having "tunnel-vision" during sex will get you Pan-and-Scan-gasm {luckily, i didn't write his stuff}
Lovitz' Tommy Flanagan, the preside... er... KING of Pathological Liars Anonymous.

One of my favs: Garth Brooks is some loser trying to write a hit song and Will Ferrell appears as the devil. Here's a songwriting gem:

"There's a guy named Fred and he's got a pair of slacks
Ooo, Fred's got slacks
They're kinda tight-crotched and a little tight in waist
Ooo, Fred's got slacks on the boulevard"

And Steve Buscemi as the Mad Hatter in the "Alice in Wonderland" sketch was friggin' hilarious.

"You're all dead and you don't even know it!"

Without a doubt, this is my favorite SNL sketch of all time:
Right to Extreme Stupidity

Rob

Circa 1985 - the 60 Minutes report on defective whoopie-cushions. Martin Short played the president of the whoopie-cushion company who was getting grilled by 'Mike Wallace.'

"Jane, you ignorant slut!"

You like-a the juice, ah? Juice is good, ah? I get you more juice.

Seriously, one of my favorites is Mike Myers and his Miracle Pasta Maker (or whatever it was called) and Heather Locklear playing the informercial host who kept making subtle racial slurs. "This is such a great deal, you couldn't get it cheaper off a drunken Indian." The skit closes with a disclaimer to the effect of, "We at Saturday Night Live understand the sensitve nature of prejudice and mean no disrespect to anyone. Through humor we hope to expose the stupidity of such prejudices. Of course, this should be obvious to anyone who isn't a retard."

das

Teddy Chainsaw Bear
Bag O' Glass

das

There was a skit once on SNL that was just absolutely hilarious and I have never seen it again in re-runs.

It was something like the Bronx Theater Company doing a stage show of War of the Worlds.

It was HILARIOUS!

They all had these thick Bronx accents and the title was "Woi of da Woilds" immitaitng the accent in print and every other word was funkin'

"Oh my gawd...funkin' look up it's a bunch of funkin' flying saucers in the funkin' sky...let's get the funk outta here.

It totally killed me. Saying funkin' with that accent made it sound like the real thing, and I just remember asking mysle fhow they are getting away with that.

Man I would love to see that again...my guess circa mid 80s


Another all time favorite is Word Association with Richard Pryor. Where Pryor is interviewing for a janitor job and Chevy is interviewing him and they do word association.

"Deaaaddd Honkey"


Also Eddie Murphy doing prison poetry.

"See that watchdog...do he bite?...Cill my landlord"


Umm..

Spuds Beer commercial...

"...the beer made from potatoes..."


Chevys Girls with Loraine Newman, Jane Curtain and Gilda Radner.

"Chevy, Chevy...I love when you fall down...each Saturday night on my TVeeee"


All the Samurai skits.


John Belushi imitating Joe Cocker.


The "Uvula" skit with Loraine Newman


Oh yeah...Fluckers

Fluckers was a new jelly (like Smuckers) but with horrible names like...

"Mangled Baby Duck"
"Painful Rectal Itch"
"Death Camp"


Coneheads

"We're from France"


John Belushi in "The Thing that Wouldn't Leave!"


The wide family


Steve Martin and Dan Akroyd doing Two Wild and Crazy Guys"

[Russian accent] We love your large American breasts [/Russian accent]

There are many, many more and almost all up until late 80s.

I think we'd be hard pressed to come up with a better choice than that one.

das

Dan Aykroyd, the hazardous toy maker. He was on a talk show and this lady had all these toys his company made. One was a Halloween costume called 'The Invisible Pedestrian,' which was just an all black suit. He also had a 'Bag O Glass.'

Dan Aykroyd and John Belushi working in a Deli that only sold cheeseburgers. They yelled the word cheeseburger for each burger ordered: "CHEESEBURGER, CHEESEBURGER, CHEESEBURGER, CHEESEBURGER."

and PEPSI PESPI PEPSI.

I have an old Saturday Night Live record album with that skit and I still listen to it...it just kills me.

"Your mama......your Grandma!"

The Pepsi Syndrome results in a Nuclear Reactor melting down...

yeah a pepsi spilled on the control panel... no not a 7UP "that's an UNCOLA"

Jimmy Carter comes to the rescue--after all he is a nuclear physicist..

How BIG is the president???? here is expert Rodney Dangerfield.... "well I tell ya..."


Runner up:

Richard Pryor in the Exorcist send-up....

---------------------------------------------

Sorry, kids but the seventies were just better

Tim

Something that sticks out in my mind is the dana carvey sketch "Open wound head man" or something, where the dog tried to end the open wound.

Massive Head-Wound Harry

I can't believe nobody has mentioned "Steve Martin's Penis Creme".

"It comes in a plain brown wrapper, with 'Not Steve Martin's Penis Creme' stamped all over it in red ink"

Clear Gravy was a great commercial.

Celebrity Jeopardy.

Jimmy Tango's Fat Busters!!

No fries...chips! you want chips?
cheeseburger cheeseburger...pepsi pepsi...chips chips

For those that don't Know this skit was based on an actual place called Billy Goats, it's on lower Wacker Dr. in Chicago. I used to eat lunch there all the time until a cockroach crawled across my plate when I was eating my cheeburger.

That was Penis Beauty Cream


Also, I liked Jim Carey's weight loss program -- Ride the Snake

"My wife said to me 'I hope you and Steve Martin's penis creme are happy together.'"

That's a great one too. "I'm not being defensive. You're being defensive."

Super Happy Fun Ball

Do not taunt Super Happy Fun Ball