The video, which was posted on YouTube by former SNL cast member Tim Kazurinsky on Friday, features the late singer being accompanied onstage at New York City's Plaza Hotel by Jimmy Fallon, Martin Short, Bill Murray and Chris Rock. Emma Stone joins in on tambourine, while the Haim sisters and Maya Rudolph offer backup vocals.
"Dearly inebriated," Prince joked before launching into the six-minute-long, guitar solo-heavy performance.
Fallon spoke about the performance the following day on the Tonight Show, explaining that after Dave Chappelle told him Prince was in the building, he couldn't pass up the chance to get the musical icon onstage.
"'Prince, if you're here, I dare you to come up on stage,' " Fallon recalled saying. "All of a sudden, the crowd parts and there's purple smoke and the dude, just floating toward the stage."
Fallon added: "It was one of the best nights of my life and I wanted to share it with you."