The skit, on Thursday, featured Rudd as late Dead or Alive frontman Pete Burns and was a shot-by-shot remake of the original music video.
Rudd donned Burns' signature eye-patch and long hair for the remake and mimicked the singer's voice as he sang the lyrics.
"You Spin Me Round (Like a Record)" is the third music video Rudd and Fallon have recreated following their versions of Go West's "King of Wishful Thinking" and Styx's "Too Much Time on My Hands."
"I didn't realize like he's hard to sing," Rudd said about trying to copy Burns' voice. "He's got such a strange vibrato."