Sure does look like him.

Ricky Nelson seemed to think so.

Doesn't look much like Dylan to me.

And anyway, if it was Dylan, it seems very unlikely he'd be shown on camera in that way. Let's look at the possibilities:

1. He let the producer/staff of the show know in advance he was going to sneak into the audience in disguise to see the Band. If this was the case, why would Lorne Michaels have them put him directly on camera like that? I doubt he would be very happy about that. "Sure Bob, you can sneak in in disguise, but we will proceed to draw lots of attention to you."

2. He sneaked in without telling anyone. If this was the case, what would the odds be that he would just happen to be singled out to be captioned before a commercial? Out of the hundred or so people in the audience, Dylan in disguise just happens to be one of the three or four people per show randomly chosen to be captioned? That seems highly implausible.

Unless someone on the staff recognized him during the performance and chose to highlight him.

The kid in that rap video looks more like Obama than that guy in the SNL audience looks like Dylan.

I agree. And while it's always dangerous to speculate on what Dylan might do or think, it's not unreasonable to conclude that if he wanted to attend an SNL performance, he'd ask the producers to let him "watch from the wings" rather than sneak a spot in the audience. Do we really think he'd risk discovery - especially after drawing attention to himself by wearing such a ridiculous disguise?

An argument has been presented that this individual is, in fact, Larry "Ratso" Sloman.

In googling the topic, I stumbled across this more definitive Dylan sighting, in which Bob graciously signs a vinyl copy of "Self-Portrait" (of all albums):

I saw that episode of Pawn Stars. Another set-up storyline where Chumley botches an assignment.