Madonna, 49, offered the "SexyBack" singer, 27, a B-12 shot – and, apparently, not in the arm – last year while they were working on her new album, Hard Candy, he explained to the audience inside the Waldorf-Astoria ballroom.
He thought she was going to call a doctor for the injection, but instead, "She proceeds to pull a Ziploc bag of B-12 syringes out [of her purse] and says, 'Drop 'em.'
"I don't know what you say to that, so I immediately dropped my pants. She gave me a shot in my a-- and looks at me and says, 'Nice top shelf.' That was one of the greatest days of my life."
Correcting him when she took the stage, Madonna said, "Everything he said is basically true, but I didn't say 'drop 'em,' I said, 'pull your pants down.' I like to be accurate because you know I am a control freak."
Sexually Charged SpeechTimberlake's sexually charged speech praised Madonna for her "shapely body of work" and how she's "always been a woman on top" who "fully enjoys that position."
Madonna, naturally, wasn't one to curb her tongue herself – revealing that she and legendary A&R exec Michael Rosenblatt "did a tab of ecstasy and danced the night away" when she met him back in her days as a rising star.
Madonna blamed Timberlake for the innuendos in her speech, saying, "He's rubbing off on me. He's bringing sexy back." Turning to him, she said, "I'll get you, f-----!"
Timberlake took a few shots at past love Britney Spears, saying that in between changing the face of music and becoming a music icon, Madonna "found time to publicly kiss someone I may or may not have kissed myself – while I was in the audience. Of course, you all know who I'm talking about: Sean Penn."
Referring to the number of "Madonna wannabes" out there, he said, "I might have even dated a couple of them. But there is truly only one Madonna."
In one of the most memorable Hall of Fame performances, Iggy Pop performed his own versions of Madonna's hits, "Burnin' Up" and "Ray of Light," gyrating shirtless on stage before jumping into Madonna's lap in the audience.
"It was a lot of fun," she told him in the kitchen after the performance. "Well done."
Other InducteesOther honorees included John Mellencamp, who was inducted by Billy Joel, The Ventures, Leonard Cohen, and the Dave Clark Five, who were inducted by Tom Hanks.
Brendan McDermid / REUTERS / Landov