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I remember seeing Dan Aykroyd do this on SNL way back in the 70s. I've never forgotten it, but up until I found this online, I don't think I've seen it since. It's still great.
Dan Aykroyd AM/FM Radio Bit
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Apparently they did a similar thing in the early days of CHIC-AM and CHIC-FM (now CHLO and CFNY, respectively), according to Wikipedia.
PJ
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I spent time time as the CKMW night jock in 1985-86, the successor to CHIC AM , at 83 Kennedy Road in Brampton. At midnight, after sign off, I turned up a pot and CFNY was broadcast overnight from the studio next door.