Ferrell and his fellow former "SNL" player Tina Fey both appeared in the half-hour live, prime-time broadcast that aired Thursday night on NBC.
Fey once again gave her popular impersonation of Republican vice presidential candidate Sarah Palin.
"I have chosen to schedule this impromptu address at night because, quite frankly, every time I speak during the day, the stock market goes in the crapper. So, sorry, Asian markets," Ferrell as Bush said.
"I come to you tonight in the midst of a very important election between two very qualified candidates: the hot lady and the Tiger Woods guy. Both candidates are heavily patriotized and display much characterization. And, yes, I did have three Xanax and a Silver Bullet about a half-hour ago. I'm out of here in a few months, so screw it. But before I leave I wanted to help Sarah Palin and John McCain by giving them what every candidate wants most: a prime-time heavily publicized network endorsement from George W. Bush. Hey, don't pinch yourself John, you are awake!"
"Unfortunately, Senator McCain, upon hearing you wanted to give him a super public endorsement, cannot be found. He was last seen travelin' on foot through the Adirondacks," Fey as Palin said. "But my husband and two of his drinkin' buddies are in pursuit on snowmachines."