The sketch that featured them was "Merv the Perv"-- a bit where Chris Parnell portrays a man who somehow turns everyone's statements into a dirty or sexual statement.
This particular sketch took place at a 20th anniversary high school reunion, and they remembered back to 1985, when he almost got a chance to go to the prom with the top cheerleader (played by Paris Hilton).
When asked why she wouldn't go out with one of the top hot guys at the school, she replied, "No, he's going to the Queen concert that night. Boy, he really likes that Freddie Mercury. But who wouldn't; that mustache, those capes...boy, what a hunk!"
By the way, the somewhat mentally challenged Hilton mispronounced the legendary frontman's name; "Freddie Merkery," in a gaffe reminiscent of Avril Lavigne pronuncing David Bowie's surname with a "bow" as in "bow-wow" instead of "bow-tie."
I saw SNL last night..it was hilarious...I was surprised they made a reference to Queen in that sketch...I thought they would use another band...but the Freddie reference was funny..