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The host for the episode is Elliott Gould (his sixth appearance), and the musical guest is Kid Creole & The Coconuts. The skits for this episode are as follows: Elliott Gould wakes up in bed with the rest of the cast, and tells them what it was like working with the old SNL team. For his opening monologue, Eliott starts showing some of his old underwear to the audience, and ends up trading lingerie with Denny Dillon. To help educate Americans in their cars, a new program puts works of classic literature on billboards along the highways. After President Carter loses the 1980 election, Rosalyn tells him that now he's free to do whatever he wants. A couple receives a singing billy-gram from the woman's disapproving parents. A topless spokeswoman for the American Cancer Association demonstrates how to self-examine for breast cancer. During the Weekend Update, Charles Rocket reports on Ronald Reagan's planned appointments to his cabinet and proposed budget measures, Gail Matthius tries to inform John Anderson that he lost the election, and Ron Grosscup explains his theory that Reagan actually died several months earlier and has been replaced with a stand-in. For the Rocket Report, Charles attempts to get an interview with John Lennon, but instead starts investigating the state of trash collection in the neighborhood. A sergeant explains some of the new training measures being adopted now that homosexuals are allowed in the military. A stockbroker in his forties awkwardly tries to have a date with a teen-age valley girl. As a complement to speed reading, a new education service offers viewers the chance to learn speed listening. Kid Creole and the Coconuts perform "Mister Softee".