In the film, Ron Burgundy and Veronica Corningstone are now a married news team of the early 1980s.
Applegate says a frisson of excitement has surrounded the sequel.
"It seems like it keeps growing and growing and now like this younger generation of kids are seeing it, like the 15 year olds and the 14 year olds who were like little tykes when we first did it and they're getting obsessed with it and passing it on to their friends," said Applegate.
Applegate rolled with the punches in a film where adlibbing was expected. She also praises her leading man, Will Ferrell, for his 'round-the-world media blitz.
"It makes me feel really lazy because he's been all over the globe right now busting his butt," said Applegate. "I only go to London and get sick, went to London for four days and I got sick and now I'm here and he's been all over the place: Australia, Dublin and North Dakota and everywhere - so I feel like I'm a total wimp and he's a rock star."
They both kind of look like rock stars in their groovy costumes for the movie - oh and that hair. Applegate says she modeled the "crazy-looking wig" after Shelley Hack.
"I kind of love Shelley Hack from 'Charlie's Angels', so there's a little bit of that in there, a little Jane Pauley, a little Diane Sawyer."
"Anchorman 2: The Legend Continues" was released in theaters on Dec. 18.