Impossible What-Was-This-Song Question

Ok folks, serious bonus points if anyone can tell me what song this was:

Difficulty: Stupid rap parody song from the 80s

This thread on funk music What are your favorite funk/R&B songs from the 70’s? included a link to the Sugarhill Gang’s song Rapper’s Delight, which dredged up a memory of a song a friend once gave me a copy of on a cassette tape, and I wanna know what this song was.

What I remember of it:
Obviously, it was a parody of this song, with the same beat and a similar type of rap vocals.
It would have been made in the early 1980s, possibly even 1979, and may have been recorded from a Dr. Demento program, but that’s just speculation.
My friend claimed it was made by Chevy Chase, but my memory of the voices makes me think this was incorrect. Of course, I could be wrong.
The story told in the song was about people going to or at a party.
One of the characters in the song was someone by the name of “Slim” or possibly “Slick”, who was a serious stoner/druggie. Unlike the rest of the song, this person talked in a slow, drugged-out style that didn’t match the beat at all. Something along the lines of “Uhhhh… yeah… mmmm, wow, man… uhhhh.”
Another character later in the song was a stereotypical white dude, and for some reason this is the part of the song I remember best. I’ve tried googling these lyrics, to no avail:
“Well, excuse me brothers
I hate to be a bother
I was wondering if any of you happen to have seen
A little alligator purse?
It belongs to my wife.
She left it on the corner of the sofa over there
To the right of my…
Where’s my briefcase?
Shit, honey, we’re in trouble.
I told you this was not the O’Malley place”
and I think there was a couple more lines to it, something about her mother telling them not to go to the party or something.

I have little hope of ever hearing this song again, as the tape is long gone and well, it’s not the kind of thing most people’d want to hear. In fact, this single tape was the only place I’d ever heard it at all.

Twenty extra bonus points to anyone who can find any information about this on the intrawebs!

Passing on the info from someone who can’t post at the moment:

and here is the link:

www.youtube.com/watch?v=YAXKT3PLOt4

wow - for impossible - that was quick -

Wow. The internet really DOES have everything!

Of course, it did take two and a half hours… I suppose that falls under the category of “impossible” for Dopers! :smiley:

And, wow, that was awful. 30 years ago it may have been entertaining, now… not so much. Thanks tho!