When Tom Hanks took the stage late during last night's 50th anniversary celebration of "Saturday Night Live," he appeared to be headed into somber territory. The lights were dimmed to blue, his tone was reverent and, as he worked into his prepared comments, the subject one that hits so very close to home for the show's alumni and friends. "As we celebrate the achievements of the past 50 years," he said, "We must also take a moment to honor those we've lost. Countless members of the 'SNL' community taken too soon." Hanks paused briefly for effect, then continued. "I'm speaking, of course, about 'SNL' characters that have aged horribly."

No comedic institution can last 50 years without finding the third rail on occasion. For "SNL," a sketch comedy series both emerged from and tore apart 1960s counterculture humor, jolting viewers with gasp-inducing gags that seemed to fly under...