Thanksgiving is here and the mad Christmas buying scramble will soon be underway. Among the gifts with a peculiarly Washington flavor is a Christmas record produced by the joyfully irreverent satirical singing group the Capitol Steps. It is titled "Ronald the Red-Faced Reagan," and it should add a different spirit to the holidays. There's one song about junketing congressmen off on important "fact-finding" missions to hardship spots like Bermuda and the Paris Air Show. Aptly titled " 'Twas the Night Before Recess," it closes with the verse "And I heard him exclaim, as he drove out of sight, 'Pay your taxes, you all! Gotta pay for this flight!' "

The album's title song, sung to the obvious tune, satirizes the Iran-contra scandal with verses Gene Autry never sang: "Ronald the Red-Faced Reagan had a quite protective staff ..." And "Guarding any hint of scandal, one of them would take the blame ..." And is there no respect in those Hollied Halls? "Fawn is now your pin-up darlin', Fa-la-la-la-la-la-la-la-la. Better her than Bud McFarlane, Fa-la-la-la-la-la-la-la-la." 'Tis indeed the season to be jolly -- and a little silly, as well.

Out and About

The Jessica Hahn story gets curiouser and curiouser as Playboy and Penthouse magazines battle over the one-time church secretary whose sexual liaison with Jim Bakker brought about his downfall and now threatens to destroy his PTL empire. The upcoming Penthouse reportedly will contain "sensational" revelations about Hahn's past, and her lawyer, Dominic Barbara, has already said he will sue if the magazine includes accusations that Hahn was a prostitute. Hahn, who appeared in various forms of undress for Playboy after turning down an offer to pose in Penthouse, said she was a virgin before her encounter with Bakker. She is said to be in residence at the Playboy mansion in Los Angeles ...

The Georgia O'Keeffe exhibition at the National Gallery of Art has proved to be one of the most popular there since the 1985-86 record-breaking "Treasure Houses of Britain" show. In the first three weeks of the current exhibition more than 100,000 people have viewed it. That's comparable to the first three weeks of the "Treasure Houses," which brought Prince Charles and Princess Diana to Washington for the glittery round of black-tie parties celebrating the exhibition. For the Thanksgiving weekend, traditionally the National Gallery's busiest of the year, officials there have restructured waiting lines so tourists won't have to wait outside at the mercy of the weather. There will be bank-style wraparound queues inside the East Building ...

It was Chez Odette for years -- a reasonably priced, astonishingly unpretentious French restaurant in Georgetown. Now it's part of the Capital Management chain and is about to become the Georgetown Seafood Grill. Capital Management Corp. also owns J. Paul's, Paolo's and the River Club and has tied the Georgetown restaurant score with Clyde's Restaurant Group, owner of Clyde's of Georgetown, 1789, the Tombs and F. Scott's. The Clyde's company is well in the lead overall, with ownership of the Old Ebbitt Grill and additional Clyde's branches at Tysons Corner and in Columbia ...

In the Only-in-America category: The Gorbachevs are coming to town and, in the best capitalist tradition, one Washington restaurant -- Remington on Capitol Hill -- will hold a Raisa Gorbachev look-alike contest. First prize, $100. At least it's not a Raisa Gorbachev wet T-shirt contest ...

Multimillionaire publisher Malcolm Forbes, with his yacht and planes and motorcycles and collections of rarities ranging from toy soldiers to famous signatures, is a perfect example of one of the very rich who truly knows how to spend money and enjoy doing it. Happy Rockefeller, the widow of Nelson Rockefeller and someone who understands wealth, sums up Forbes' philosophy in US magazine: "The wonderful thing about Malcolm is that he thinks of money as manure. You can put it all in one room and let it stink. Or you can spread it around and make things grow -- which is what Malcolm does" ...