VIDEO: Justin Timberlake & Jimmy Fallon Take SNL Viewers to 'Wrappinville' in Cold Open

On last night's Saturday Night Live cold open, a caroling gift wrapper battles two guys dressed as wrapping paper and a gift bag for business. Check it out below!

Jimmy Fallon served as last night's host, with Justin Timberlake as the featured musical guest.

The program has won 40 Emmy Awards and now holds the title for the most nominated television show in Emmy history with 156 nominations. "SNL" has been honored twice, in 1990 and 2009, with the prestigious George Foster Peabody Award and cited as "truly a national institution." "Saturday Night Live" was inducted into the Broadcasting Hall of Fame by the National Association of Broadcasters, and the show continues to garner the highest ratings of any late-night television program, entertaining millions each week.