Let's put it this way: They cut so many scenes out of Anchorman that they made a separate, much crappier direct-to-DVD movie out of the leftovers.
Spoilers: It was lost for a reason.
When director Adam McKay first test screened Anchorman, it was a huge bomb. Which must have made him especially nervous, since it was incredibly difficult to get a studio interested in a '70s pastiche starring the guy from Elf in the first place. One of the biggest things people disliked was a lengthy plot parodying hippie-era radicalism, featuring an extremist group called The Alarm Clock. Here's one scene from that subplot. While it's amusing enough on its own, you'll note that it has literally nothing to do with Anchorman.