Comedy host: 'Am I canceled?'

On Monday night, Comedy Central's Stephen Colbert took time to reflect on the sudden end to Keith Olbermann's eight-year run on MSNBC.

"Well, we finally know what they were counting down to," he joked.

"Nation, as you know whenever a pundit relinquishes their post, I absorb their audience and their opinions," Colbert explained. "Because in punditry, as in the Highlander, there can be only one."

"Ladies and gentlemen, the time has come again. Keith Olbermann, your audience and your vocabulary are mine!" he shouted as lightening crackled and wind blew threw the set.

Then, wearing a wig and glasses, the Comedy Central host launched into an over-the-top imitation of one of Olbermann's infamous Special Comments.

"The storied notion that power corrupts, all absolute power corrupts absolutely seems to never have occurred to this Cosa Nostra we're calling our Congress who seem more than willing to defy their constituents, and genuflect to their corporate masters, no matter what the deleterious effects," he began.

But then things went terribly wrong as Olbermann's power became too much for Colbert

"My body is rejecting Keith like a pompous kidney!" he exclaimed. "Keith Olbermann, I reject your power!"

A swift crack of lightening and Colbert made a hilarious 'discovery': Olbermann's essence had been channeled into a coffee cup he called his "Keith Olber-mug."

"Got to remember not to drink from this," Colbert joked.

"Am I canceled?" he added with a snicker.

As the show ended, Keith Olber-mug began reciting a Special Comment about the Iraq war, and Colbert couldn't get a word in edgewise.

"He rambles a little, you know how mugs are. I think I have a solution to the problem though. I'm going to put Keith Olber-mug inside Bill O'Reilly's microwave oven and let them fight it out," Colbert said.

"Good night, and good mug," he concluded.

This video if from Comedy Central's The Colbert Report, broadcast Jan. 24, 2010.