This video was just posted over at TMZ (it’s free and anyone can watch it).
The video shows Michael Richards AKA Kramer from Seinfeld losing his sh** on stage and basically repeating racial slurs over and over because some people (who are apparently black) are talking during his set. When called on it by the audience, he continues.
From the article at TMZ:
Yowch. It’s hard to read the text on screen and understand at parts, but you get the idea.
Hie thee to the Pit, m’dear. 
Well, I’m not really ranting about it. I’m simply displaying the video of it happening. I suppose if this needs to be moved to the appropriate place, I’m fine with that. I guess sniff sniff dramatic tear wipe
Yeah, I just noticed that. I’m going to go slink back in my hole now. 
Curse you and your super thread posting skills, Diogenes! Wait, is that considered a threat or insult outside of the Pit?
See, this is what happens when I post after staying awake all night to work on papers- I make no sense and confuse even myself!
Don’t feel bad. I started a thread about this, too. In the pit. Redundancy is the name of the game today.
…Ummmm… Wow. At first I was sort of along for the ride thinking maybe he was going to build to something…maybe a point… yeah that didn’t happen.
What a shame–a tragedy almost–to see someone crash and burn like that. I love Seinfeld, and his character is a big reason for that, but now it’ll be a while before I can think of that show without thinking of … this.