President Barack Obama was a guest on last night's "Late Night with Jimmy Fallon," a show taped on the UNC campus. One of the highlights was when Obama slow-jammed the news with Jimmy Fallon and The Roots. The best thing about the video might be the most uncool mic-drop in the history of mic drops.

Another awesome medley from Jimmy Fallon, Justin Timberlake, and The Roots.

Stephen Colbert lost a fundraising challenge with Jimmy Fallon and the punishment is that he has to sing "Friday" on Fallon's show tonight.

Colbert explains how it all happened and rehearses a bit in the video below.

'Late Night with Jimmy Fallon' airs on NBC at 12:30am.

Holy Tambourine Man. Just watch.

You have to watch this.

Last night, Jimmy Fallon gave Bruce Springsteen a full hour (and it was great) on his show, "Late Night with Jimmy Fallon."

One of the highlights was this duet cover of Willow Smith's "Whip Your Hair." Fallon performed as Neil Young. 

Bruuuuuuuuuuuuuuce!

Jimmy Fallon is hosting the Emmy Awards on August 29 on NBC.

This is greatness.

UPDATED: According to The Hollywood Reporter, some of the "Mad Men" Emmy rivals complained to NBC, claiming Fallon's spoofs amounted to running ads for "Mad Men" in the middle of voting. So the videos are down. Too bad - they were stylish, clever, funny. NBC said they may repost the videos after Emmy voting ends on August 17. Check back here.

The funniest thing I've seen in late night (or even semi-late night) recently comes from where you might least expect: Jimmy Fallon.

I complain all the time that SNL has never spoofed Bravo's "Real Housewives" series, opting instead to repeat stale oldies like "MacGruber." Each "Housewives" city has its own flavor, and the ridiculous women featured make the shows a fertile ground for mocking. Well, SNL shouldn't even bother now. While I love the Bonnie Hunt/Niecy Nash take on Atlanta's Kim & NeNe, Jimmy Fallon has come up with a spoof that should put all others to rest.

Behold the "Real Housewives of Late Night."

Late Night with Jimmy Fallon, NBC, 12:35 am 

We've said au revoir to Conan and now it's time to welcome former SNL star Jimmy Fallon back to late night. Fallon admits to being "nervous but excited" about his new gig, and has already been warming up with some amusing webisodes. But the real test begins tonight.

And get ready for some massive over-analyzing starting around 12:36. . . .