Ferrell, who is a famous alum of the school, delivered the keynote commencement address at his alma mater Friday.
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Ferrell graduated from USC with a degree in sports information, going on to star in Saturday Night Live for seven seasons. He received an honorary doctorate degree from the university just before delivering his address Friday.
Ferrell kicked off the address by cracking jokes that had the crowd cackling. The actor listed among his notable achievements "running around in elf tights, eating gum off the ground," a reference to his role as Buddy in the movie "Elf."
The actor joked that his wife and children must now refer to him by his new honorary title. "They have to address me as Dr. Ferrell. There will be no exceptions," Ferrell said.
"I've been informed that I can now perform minimally invasive surgery at any time in any place, even if people don't want it," Ferrell joked.
Ferrell also joked that he'd given commencement addresses at multiple other institutions, including Trump University. "I'm still waiting to get paid from Trump University. In fact, it turns out I owe Trump University money for the honor to speak at Trump University," Ferrell said to peals of laughter.
Ferrell ended his hilarious address by belting out his best Whitney Houston to the delight of the attendees.
WATCH WILL FERRELL SING TO USC STUDENTS