Multi-submission is wonky as usual, so here's part 2: http://www.hulu.com/watch/93107/the-tonight-show-with-conan-obrien -norm-macdonald-part-2#s-p4-sr-i1
Norm MacDonald could kill all the Jews, finally finishing Hitler's work and making himself a hero to the KKK and extremist Muslims, and you'd still love the guy. Norm MacDonald could invent a Super AIDS virus and unleash it onto an unsuspecting world, and you'd still love the guy. Norm MacDonald could slap a hundred million puppies at the same time, using some giant machine whose sole purpose is to slap puppies, a machine which would be the culmination of his life's work, all those hours toiling to make an ungodly puppy-slapping abomination, and you would still love the guy. Norm MacDonald could drown your first born child, and you would still love the guy.
it's pretty genius. ignoring his natural gift of perfect timing, the formula seems to be:
awkward preamble -> pause-filled, often painful set-up to build suspense -> woefully unfulfilling punchline -> sheepish look at conan/audience (to close the joke)
the funny part is the complete failure of the punchline to meet the expectations built by the set-up