All those cheer captains and girls in short skirts in school must be jealous now! Our favorite T-shirt and bleachers girl, Taylor Swift, will be hosting the hottest Saturday night bash -- Saturday Night Live that is!

Yup, Taylor will be hosting and performing on SNL on November 7... an honor that's only been reserved for a select few, like Justin Timberlake and Janet Jackson!

She says it's "mind-blowing" and it's been tough to keep the big news a secret since she was asked during the summer.

Taylor made her SNL debut as a musical guest in January -- and also took part in a skit where she played Broadway's Annie.

So what kind of skits will she be part of? "I've been thinking about skit ideas for a long time," she says. "There are definitely some hilarious things that have happened to me over the past couple of months that I think will be pretty substantial skits.

She adds, "Of course I've been such a fan for a long time, but I've gone back and re-watched everything over the past couple of months and digital shorts would be so much fun to do, because they've been done so well. Andy Samberg is hilarious.""

What skits would you like to see Taylor do?

Photo: Courtesy of Big Machine Records