Veteran stand-up comedian Gallagher - best known for smashing items on stage with a large wooden hammer he has deemed the Sledge-O-Matic - suffered a heart attack prior to a show in Texas on Wednesday and was rushed to the hospital.
Sources confirm he has since been placed in a medically-induced coma and will likely be awoken from it some time today.
The 65-year old's manager, Christine Scherrer, tells The Huffington Post that her client is in stable condition, is "slowing recovering" and is expected to return to the stage in the near future after suffering his second heart attack in a year.
Gallagher's performances for this weekend have been rescheduled and we wish him nothing but great health going forward.
UPDATE: As of March 18, Gallagher is out of his coma and telling jokes in his hospital room. This is encouraging news.