The old guy is Larry “Bud” Melman, a character on the Late Night With David Letterman, a late night talk show that came on after the Tonight Show in the 1980s.

I forgot how hard this rocks.

The guitar riffs are by the great Eddie Martinez, who also played on Run DMC’s Rock Box (1984) one year before this:

Martinez talks about what he was doing: https://www.youtube.com/watch?v=wQQYHjKxcck&t=1484s