I'm going to bump this under the guise of clearing Ice-T's name.
He was on Conan last night, and Conan asked him about the Hasselhoff rap album. Apparently, Ice-T was talking to an interviewer and he said that he'd be willing to produce a rap album for everyone, even David Hasselhoff, for $5 million. That was that, and for whatever reason, quotes that never came out of his mouth wound up being printed.
It was a very funny segment. Once Conan showed Ice a clip of Hasselhoff's music video for his general music, Ice upped the price to $10 million.