The sketch is a follow-up to his Late Night Twitter spoof with pal Justin Timberlake, although it's safe to say the newly minted Tonight Show host successfully trumped his original skit with the help of one very special guest.
Similar to his sketch with J.T., Fallon knocked on the door and joined Hill, who was busy typing away on his iPhone while seated on the sofa before the two proceeded to engage in a bit of friendly conversation.
However, like a live-action Twittter chat, the pair opted to punctuate their entire conversation with hashtags, since, clearly, there's no fun in talking like normal folks.
"Things have been a little crazy lately," Hill said about his recent Oscar nomination before making the hashtag hand symbol. "Hashtag livin' la vida loca. What's up with you?"
"Just having my morning Joe, hashtag livin' la vida mocha," Fallon replied. "Hashtag no coffee no workie."
"By the way congrats on your Oscar nomination," the funnyman added before shouting, "Hashtag Wolf of Wall Street!"
"Thanks man, hashtag blessed," the two-time Academy Award nominee replied.
Hill then used "hashtag real talk" to change the subject to Fallon's daughter, Winnie Rose, whom he welcomed with wife Nancy Juvonen in July.
"She's great—actually, we play a lot of games. #PattyCake #Peekaboo, #GotYourNose, #SpeakingOfIGotYourNose, I think somebody played that with Lord Voldemort. #JustWatchedPrisonerofAzkaban, #GetMyWizardOn, #ProfessorSnape, #HarryPotter," he rapidly fired off, even sharing his spot-on Alan Rickman impression.
The two then begin chatting over the way time flies, as Fallon said, "Can you believe it's already 2014?" to which Hill replied, "I know it's crazy. You know 1994 was 20 years ago. #ThinkAboutIt #That'sWhenFriendsStarted #CouldWeBEAnyOlder #Chandler #Bing #SearchEngines #ChandlerGoogle #NailedIt #Swish #ForTheWin," before the two erupt into the Friends theme song as well as Snoop Dogg's 1993 anthem "Gin & Juice."
Enter Hill's Wolf of Wall Street director Martin Scorsese, who suddenly knocks on the door to scold the twosome by reminding them, "Hashtag, been there, done that."
And just when you thought the skit couldn't get any better, Questlove barges in to tell the pair to "Hashtag shut the f--k up."