He clearly says "Laurel".
Jerry Stiller says, "Laurel"?
Seriously, huh?
I vaguely knew Jerry Stiller from his time on Seinfeld (and probably saw him on a handful of other things). Then Rush started putting "that guy from Seinfeld who also happens to be Ben Stiller's dad" in some of their cheesy videos.
Keeping in mind that he's a rock singer, on stage, announcing a song to a crowd, so there may actually be little resemblance between what he SAYS and the native language he says it in (we've all heard James introduce songs; Bruce is another one; Paul Stanley a third), but I clearly hear "This is The Spirit. Of. Radio!" <wild applause>."
Perhaps this is a dumb question, but is there a bootleg of the 3/27/81 Montreal Forum show? Unlike later tours, at that time, TSOR was smack in the middle of the set. On that particular night (and I assume most or all of the rest of the shows on the MP tour), it was played after Broon's Bane/The Trees/Xanadu, and my guess is that there was some more talking prior to what we hear on ESL. It wouldn't likely change anything, but it would be interesting to hear it in its full context.