This article is from the Saturday Night Live: Commercial Parodies FAQ, by Doug Krause snl-faq@lido.com with numerous contributions by others.
Yes, it is broadcast live (except for a few taped
segments such as the fake commercials). There were
also two occasions when it was broadcast on a delay
because of the reputations of the hosts. These were:
13 Dec 1975: Richard Pryor (7 second delay) 12 May 1990: Andrew Dice Clay (7 second delay)
 
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