From the NY Times:
The nearly three-minute digital film, shown on "Saturday Night Live" last Saturday, was a parody of two boy-band singers (including one played by the real Justin Timberlake) crooning a holiday song about making a gift to their girlfriends of their male anatomy, which they appeared to have wrapped in boxes (strategically placed) and then topped with bows.
Given the subject matter, it was little surprise that NBC bleeped a recurring word in the chorus 16 times. But soon after the broadcast concluded at 1 a.m. Sunday, viewers who'd seen the bit on TV (and others who had just heard about it) could find the uncensored version online. That's because the network itself had placed it on its own Web site (nbc.com) and YouTube.com, under the headings "Special Treat in a Box" or "Special Christmas Box."
Read more about the skit here.