In the oft-forgotten '80s drama series, the two played a husband and wife, Broderick and Valentina Kensington, and Fallon even played a few clips from the (faux) show.
As The Tonight Show host explained Monday before playing the scenes, Midnight Meadows' director was "experimenting with audio" and would often change the sound of the actors' voices during scenes to make things more dramatic.
Clearly this is a fake soap opera -- after all, Fallon would have been in his teens at the time, and Oprah was busy building one of the biggest media empires ever. It's still a pretty spot-on parody, especially Oprah's dramatic, faux-English accent, and Fallon's gloriously feathered brunette wig. And we can't forget the classic stage slaps!
Perhaps the best part of the whole spoof was the fact that Oprah and Fallon were acting out these "clips" live, meaning they had to run from the interview stage to the Midnight Meadows' stage – and make a wardrobe change – in a matter of moments.
As the segment progressed, it was clear the effort was wearing on them, and they couldn't help but laugh as Fallon kept introducing new "clips" from the show.
The Queen of Talk was on the late-night show promoting her upcoming film Selma, which she appears in and co-produced. ET talked with Oprah on the red carpet at the New York premiere of Selma, and she explained why the film is so important in America's current political climate.