In the Summer of 1973, National Lampoon released Lemmings, a soundtrack to its off Broadway show that mocked Woodstock. Future SNL stars John Belushi and Chevy Chase and Mockumentary master Christopher Guest were among the performers. Belushi did his classic Joe Cocker impression in what would now would fail the PC test with its jokes about Muscular Dystrophy (41:40). Chase plays adequate drums on most of the cuts and apparently pulled off a John Denver impression. Guest impersonated Bob Dylan ( at 7:45) and James Taylor ( at 26:00) . One year later a 30 year old TV executive named Lorne Michaels began searching for a cast for a show to be called NBC's Saturday Night.
It's not so funny today but in 1973 the show ran for 350 performances and the album peaked somewhere near #100 on the Billboard charts.
Meanwhile, in 1973, the magazine published the only thing they've ever had to apologize for: