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Rachel Dratch does her Debbie Downer (but isn't one) with Kathie Lee and Hoda

Former "Saturday Night Live" regular Rachel Dratch is bringing back the laughs in her new political play "Tail! Spin!" In it, she skewers scandal-makers with the actual transcripts behind the events.

But on TODAY Wednesday, the "Tail! Spin!" talk was just the beginning. The laughs continued with impersonations, nostalgia and, of course, chugging.

Her favorite impersonation from "Tail! Spin!": It's her take on Barbara Walters, which should come as no surprise to fans who've seen Dratch channel Walters on "SNL" and "30 Rock." Check out the clip for her latest hilarious spin on the venerable TV journalist.

What she misses most about "SNL": "Being with all your friends and funny people," she said. But what do fans miss most? "People come up to me the most about Debbie Downer. Sometimes they want a picture; they want me to do a Debbie Downer face."

Today

Cheers! As the clock ran out on her time with Kathie Lee Gifford and Hoda Kotb, Dratch noticed her glass of wine was still full — but not for long. "It's free!" she said. "I've got to drink this now. ... Chug! Chug! Chug!"

Today

"Tail! Spin!" is currently running at the Lynn Redgrave Theater in New York.

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