Performed by Alex Brightman, Renee Elise Goldsberry and the cast of Co-Op, the song "Holiday Party (I Did a Little Cocaine Tonight)" is featured in the third episode of season three of IFC's Documentary Now! The show — created by Fred Armisen, Bill Hader, Seth Meyers and Rhys Thomas — spoofs well-known documentary films by using different styles of non-fiction filmmaking to explore fictitious stories.

The Emmy-nominated song is featured in the episode "Original Cast Album: Co-Op," which tells the story of an ill-fated 1970s Broadway musical and its cast. The installment is centered around a cast of characters who work, live or aspire to live in the same housing cooperative as they quickly record the show's cast album. The episode was inspired by Broadway's Company.

The song's lyrics were written by John Mulaney and Meyers, while the music was composed by Eli Bolin. The tune is one of the songs featured in the fictitious musical Co-Op and tells the story of two peers that are high on cocaine.

The number opens with castmembers singing the Christmas carol "Hark! The Herald Angels Sing."

Joe (Brightman) then begins to sing about his character's concerns about attending a Christmas party. "If I’m being honest it was all very harrowing/ When the invite came for an evening of caroling/ I don’t like singing, I’m not much for conversation/ And the combo of the two gave me such hesitation," he sings as his words become faster and faster. "I’m really quite sorry but I’m going to admit it/ I’m really so sorry if I could I would quit it/ But the fact of the matter is I did a little cocaine tonight."

Following Joe's admission of snorting the drug, the carolers return to singing classic Christmas songs. Once the carolers conclude their performance of "God Rest Ye Merry Gentlemen," Joe continues to sing about how the cocaine is affecting him.

"I’m really very sorry that I can’t stop talking/ I’m so very sorry for my chirping and the squawking/ But the fact of the matter is I did a little cocaine tonight," he sings. Joe next sings about seeing the character Ann (Goldsberry) at the event, whom he describes as "the knees of the bees." While he sings that he wants to ask her to dance, he adds, "but I just blew a rail and I’m gonna shit my pants."

Ann then joins Joe in the song. While Joe attempts to get Ann to talk to him, she tries to turn him down and get out of the conversation. She soon reveals that she also did cocaine as they sing in unison, "If I come clean, don't start a scene/ But in this moment, you're such a sight/ That it just feels right to admit/ I did a little cocaine tonight."