Cramer's 'Mad Money' Recap: Get Ready to Rumble

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The full fury of Jim Cramer was unleashed to a live "Mad Money" audience Wednesday night, complete with candid talk from New York state Attorney General Eliot Spitzer and a championship "Lightning Round."

In a special 90-minute show on CNBC, featuring a stirring intro by famed ring announcer Michael Buffer, Cramer kicked off the show by telling his audience that the market is entering pig territory in the biotech rally. He didn't recommend that investors sell all of their winners but said it's time to take a little money off the table.

Cramer then went straight to his studio audience and started asking who had taken profits into the stock market rally. A woman long Sears Holdings(SHLD Quote) acknowledged she still owns every share.

Cramer said investors should not be like those in 2000 who held stock all the way to the top and rode all the way back down the bottom. Cramer told the audience that investors need to take some of these huge winners and turn them into cash.

That said, Cramer said that the market held another "sale" Wednesday. But the sale ended at 11 a.m. Not all sales are created equal, Cramer said. Sometimes they last all day; sometimes they last only a few hours.

Intel(INTC Quote) was on sale; Yahoo!(YHOO Quote) was on sale; and so, too, was UnitedHealth Group(UNH Quote).

Cramer also believes investors who sell Pepsi(PEP Quote) are wrong; Pepsi is right here, he said.

The same goes for Microsoft(MSFT Quote). Investors should be buying this stock as well.

An audience member asked Cramer what he would do with Yahoo!, and Cramer said he thought the company would report better second-quarter numbers. But Yahoo! didn't. Still, Cramer believes the move in Yahoo! is a detour. He would not be a seller, he said. "I think that Yahoo! is on a slower track back to $42." But, Cramer said, Google(GOOG Quote) is the better play.