Tina Fey Reprises Sarah Palin Role on 'SNL' (Video)

The "30 Rock" actress hosts the sketch comedy series for the third time.

Former regular Tina Fey returned to host Saturday Night Live for the third time Saturday and, in one of the evening's highlights, brought back her Emmy-winning Sarah Palin impersonation during a sketch titled "GOP Debate."

In the segment, Fey, dressed in Palin's iconic red suit, squares off against other undeclared 2012 Republican presidential candidates, including Mitt Romney, Newt Gingrich, Michele Bachmann, Jimmy McMillan and Donald Trump. The debate is hosted by Fox News personality Shepard Smith, played cheekily by Bill Hader.

At the opening of her speech, Fey announces, "First I want to acknowledge that this week we finally vanquished one of the world's great villains, and I for one am thrilled to say good riddance to Katie Couric!"

When asked if she has anything new to offer the American people, Fey responds winningly that she plans to film a cameo in Hangover 3 in the Middle East and has purchased Rosetta Stone English.

Fellow former SNL cast member Darrell Hammond also drew laughs for his impression of the embattled Trump, which included a reference to Osama bin Laden's recent death: "Osama, boom! You're fired!"