The skit revolved around awful products, and showed Leno demonstrating the Deer Rump Opener. The device is a deer's butt with a bottle opener concealed in the ... well, you can guess. You hang it on your wall. After delivering the joke's payoff, Leno shouts, "Have a brewski! Uh, have a Budweiser!" (Oddly, the bottle he's holding is a generic "Beer" bottle with a label that borrows Bud's trade dress.)
Leno has more product placement than any other show, according to Nielsen. Although some of those mentions come from the pop culture detritus that litters his show, the amount of placement is greater than Fox's American Idol, which is infamous for the thousands of shots of Coca-Cola logos that it deliberately generates.
The skit appears in the 26th minute of the show:
Hat tip to Gawker.