SNL 40: Watch Justin Timberlake Rap The History Of SNL, Taylor Swift Act In “The Californians,” Miley Cyrus Cover Paul Simon, Kanye West Sing “Wolves” & Appear In “Wayne’s World”

Saturday Night Live's 40th anniversary celebration is going on right now, and pretty much every famous person ever is there. Notable musicians in attendance include Paul McCartney, Kanye West, Win Butler, Taylor Swift, Jack White, Paul Simon, Justin Timberlake (along with the rest of N*SYNC), Bon Jovi, Elvis Costello, Debbie Harry, Miley Cyrus, and a whole bunch more. Some of them are even giving performances! The night opened with Justin Timberlake and Jimmy Fallon doing a rap rundown of some of the most popular SNL jokes. Watch below.

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Right before the show began, Kanye jokingly interrupted the red carpet broadcast:

Kanye at SNL 40 lmao #snl40 #kanyewest

A video posted by MVRCVS (@trillboy15) on Feb 15, 2015 at 5:03pm PST

Many other musicians were spotted on the red carpet...

Swift made a new fan.