Jericho, who was obviously cracking jokes to pop the audience, used a slur that offends some Middle Easteners and went on to call the moderator a "f*g."
The video, which will be a lead story on today's syndicated TMZ TV series, can be viewed on the TMZ.com website.
Jericho did issue an apology, commenting, "After seeing the video I realize some inappropriate comments were made and I apologize if I offended anybody. Just know that everyone on stage was having a blast and we all shared a drink and a laugh after! The good news is I got my wish of being posted on TMZ."
Thanks to Theodore R. for sending along the link.