From ananova.com:

Ice-T is to produce David Hasselhoff's first hip-hop album.
The pair are neighbours in Los Angeles and are said to have struck up a close friendship.
Hasselhoff has had some success as a singer, releasing seven albums. He's also said to be very popular in Germany.
Ice-T, who was one of the first real hip-hop stars in the late 1980s, said: "The man is a legend. And we are going to show a whole new side of him."
The rapper is said to be convinced that the 51-year-old for Knight Rider and Baywatch actor can take on the biggest names in rap, reports The Sun.
Ice-T added: "He's gonna come out as Hassle The Hoff - I promise you. The Hoff will surprise people with his rap skills and humour."

One of my best friends in high-school was nicknamed The Hoff. I can't remember why. But if he hadn't died in a car accident almost 20 years ago, I know that he could have delivered a much more inspired rap album than David.