That famous catchphrase — "Live from New York, it's 'Saturday Night!' " — was first uttered by a comically clumsy Chevy Chase on Oct. 11, 1975. But only now, more than three decades after that momentous occasion, is it finally possible to see a full season of "Saturday Night Live" on DVD.

The arrival of the first 24 episodes of "SNL" is cause for celebration, not only for fans of the original Not-Ready-for-Primetime Players but for any student of comedy. Sure, some of the '70s-era jokes may fly over the heads of anyone coming of age during the Amy Poehler era of "Saturday Night Live," but there's no denying the groundbreaking, flying-by-the-seat-of-their-pants vibe that crackles through even the less inspired early installments of the sketch comedy series.

The original members of the "SNL" cast and crew were not merely reinventing the wheel. They were creating one from scratch, spokes and all.

That's why these episodes, all of which aired in 1975 and 1976, look drastically different from the "SNL" we know so well today. Multiple musical guests often performed throughout the 90-minute broadcasts. Jim Henson's Muppets regularly appeared, though they certainly used more sexual innuendo and consumed more liquor than their counterparts on "Sesame Street." Even the show's title, then merely "NBC's Saturday Night," didn't sound the same. (The "Live" was officially added in 1977, after Howard Cosell's ABC program, "Saturday Night Live," had disappeared from the airwaves.)

But much of the humor remains timeless. Many classic characters and sketches appear in this box set, from John Belushi's samurai to Dan Aykroyd's commercial for the Bassomatic to Chase's wry reading of the news on Weekend Update.

Many hosts qualify as comic royalty: George Carlin, Lily Tomlin, Candice Bergen and especially Richard Pryor, who turns in a performance that dances very close to genius.

Most impressively, all the musical performances remain in- tact, which means viewers get treated to deliciously retro sets by the likes of Billy Preston, Abba and Paul Simon.

Now, the bad news: The only extras include mildly amusing screen tests for the seven cast members and Tom Snyder's brief interview with the cast and "SNL" creator Lorne Michaels. The commemorative booklet that comes with the box set features fun black-and-white photos, but no text or information about the show's history.

Yet, despite its flaws, any "Saturday Night Live" scholar would be remiss to skip this collection. The laughs are top-notch and the nostalgia-value is priceless.

After all, it's "Saturday Night." In the mid-1970s, you couldn't get much better than that.