SNL alums Bill Hader and Kristen Wiig introduced the tribute.
Wiig said, "She was one of the best that ever was and her influence is clear in every one of us who has been here since."
The emotional tribute also featured the late Phil Hartman. Hooks and Hartman sing beautifully in "Love Is But a Dream."
Hooks spent eight years on SNL. She was on the show for five seasons, 1986 through 1991, and she had continuing cameos afterward.
SNL's Don Pardo passed away this past August. ET remembers him in the video below.