Gwyneth Paltrow and her new BFF Cameron Diaz are rhymin' and squealin' -- about their friend Chelsea Handler's dating habits.

PHOTOS: Gwyneth's most obnoxious quotes

In an original tune the women wrote in honor of the late night host's new, revamped E! studio, "M.C. Gwyneth Paltrow," 40, raps about how Handler, 37, only "got on TV by being a ho." (Meanwhile, "DJ Jazzy Cameron Diaz," also 40, shows off her impressive beatboxing abilities.)

Continues the GOOP founder, who recently feted her 40th birthday in NYC with both Handler and Diaz on hand, "We kind of like you 'cause you're blonde like us, but we can't hang with you in public 'cause you drink too much!"

PHOTOS: Cameron's hottest body moments

Click to watch the hilarious video and tell Us: What do you think of Gwyneth and Cameron's rap skills?

This article originally appeared on LOL! Watch Gwyneth Paltrow, Cameron Diaz Rap About Chelsea Handler's Love Life