The Secret of Chad Hurley and Steve Chen’s Famous “Two Kings” Video. Revealed!

Remember the era-defining video Chad Hurley and Steve Chen made three years ago? The one where they looked simultaneously giddy, groggy, and perhaps a tiny bit intoxicated, and announced that they had sold their video site to Google for $1.65 billion?

That clip, it turns out, is an unlikely homage to…wait for it…the artist formerly known as Puff Daddy. Really!

Go ahead and look at the first two clips at the bottom of the post. Note Hurley’s reference to “salt and pepper” and “two kings getting together.” See? In the Diddy clip, too. Who knew? (Okay, so at least one of you did).

Anyway, Hurley references both clips in a blog post he published this morning commemorating the anniversary of the sale. He also announced that the site is now serving up “well over” one billion video views per day. Last month comScore (SCOR) estimated YouTube was doing 10 billion views per month in the U.S.

And there’s also some general talk about the site’s evolution: Rather than focus solely on short clips, it’s also working to bring in movies and TV shows, etc. Nothing you didn’t know already.

Expect to hear more meaningful–but equally upbeat–talk about the site’s progress next Thursday, when Google (GOOG) announces its Q3 earnings.

Last quarter, Google executives went out of their way to talk up the site, and CFO Patrick Pichette said YouTube could start generating significant profits soon. This week, CEO Eric Schmidt also made a point of praising the YouTube deal and the site’s performance during a New York press conference.

Here, once again, is that famous clip: