Five celebrated musical icons were inducted into the Rock and Roll Hall of Fame last night, an event marked by the entry of the first-ever hip-hop act into the storied hall.

Hip-hop pioneers Grandmaster Flash and the Furious Five became the genre's first Hall of Fame inductees, joining R.E.M., Van Halen, Patti Smith, and the Ronettes in this year's induction class, which was honored in a ceremony at the Waldorf Astoria Hotel in New York.

The group was inducted by Jay-Z, who read his induction speech on his Blackberry.

"Thirty years later rappers have become rock stars, movie stars, leaders, educators, philanthropists, even CEOs," he said. "None of this would have been possible without the work of these men."

Grandmaster Flash--real name Joseph Sadler--called the induction the final place of corporate respect for hip-hop.

"There were some that called it a fad," Grandmaster Flash said at the event, which was Webacast by AOL Music. "They called it a flash of brilliance, excuse my pun. [But now] they all finally accepted and embraced this wonderful culture we call hip-hop."

The night also featured a tribute to the late James Brown, considered one of the forefathers of hip-hop. The Godfather of Soul died last December 25 and was buried temporarily over the weekend.

Keith Richards was in the house, looking and acting more and more like the caricature on which Johnny Depp based his Pirates of the Caribbean character, Captain Jack Sparrow. Richards inducted the Ronettes, the '60s girl group produced by acclaimed "Wall of Sound" mastermind Phil Spector, who is awaiting trial on murder charges.

"They could sing all their way right through a wall of sound," Richards said of the Ronettes. "They didn't need anything. They touched my heart right there and then and they touch it still."

The Paul Shaffer Experience, which served as the house band for the night, led the group through a medley of their hits, including "Be My Baby."

Lead singer Ronnie Spector thanked a list of people from Cher to Springsteen to her publicist, but made no mention of ex-husband Spector, instead thanking "our first producer" before loudly clearing her throat. Shaffer later read a congratulatory letter from Spector to the Ronettes.

Zack de la Rocha, the protest singer who is set to rejoin his mates in Rage Against the Machine at Coachella, inducted Patti Smith, calling her fearless and in possession of a "poetic trigger." Smith accepted her award in honor of her husband, the late MC5 guitarist Fred "Sonic" Smith.

Van Halen was up next, but with David Lee Roth nowhere to be found and Eddie Van Halen in rehab, it was left to Sammy Hagar and Michael Anthony, neither of whom was expected to be a part of the aborted Van Halen reunion tour, to accept the induction from the members of Velvet Revolver.

Despite having been fired from the band by Eddie Van Halen, Anthony took the high road, saying, "I'd like to say God bless you to Eddie Van Halen. I love you, man." Hagar said, "I can't tell you how much I wish everyone was here tonight. I think Eddie's gonna come back the other side a better person, and maybe we'll get our buddy back."

R.E.M., joined by former drummer Bill Berry, was the night's final inductee. Singer Michael Stipe said his late grandmother once grabbed him by the arm and said what R.E.M. means to her is "'remember every moment.' And this is a moment I shall never forget."

R.E.M.'s set included "Begin the Begin," "Gardening at Night," and "Man on the Moon," on which they were joined by Pearl Jam singer Eddie Vedder, who inducted the band. Later, Patti Smith and Lenny Kaye joined R.E.M. for a cover of the Stooges' "I Wanna Be Your Dog."

The night concluded with a star-studded, rousing rendition of "People Have the Power," an anthem Smith wrote 12 years ago for her late husband. Stephen Stills and Keith Richards traded guitar solos during the song, while Smith, Stipe, Hagar, and Vedder shared vocal duties.