As the pair discussed the men's figure skating, Molloy said, "They don't leave anything in the locker room, these blokes, do they?" before a sniggering McGuire interjected, adding: "They don't leave anything in the closet, either, do they?
Molloy was quick to jokily reprimand McGuire, warning him he could get into trouble.
The network then cut to an image of a skater wearing a tuxedo-style costume, which Molloy described as something even singer Prince would not wear.
The footage then showed a skater wearing a costume of overalls and a flannelette shirt with McGuire suggesting it was "a bit of 'Brokeback.'"
Molloy agreed, saying: "A bit of 'Brokeback Mountain' exercises, you can't wear that."
Then they went after Weir, whose pink-laced "onesie" suit has created a lot of buzz.
Later in the segment, Molloy apologised for that comment he had made on Tuesday night.
"I made a joke that was a bit off-colour. Some of the crew here didn't like it either," he said.
"I suggested that there was a disaster happening at the ice skating rink because organisers had found out one of the male ice dancers wasn't gay.
"And I apologise for that really sincerely."
But the apology was soon defunct as Molloy added "But it definitely wasn't this guy" before cutting to a shot of champion American figure skater Johnny Weir wearing a pink and black outfit and holding a heart-shaped cushion.