New Yorkers turned out by the hundreds of thousands Friday to help the Yankees celebrate their 27th world championship with a ticker-tape parade through the Canyon of Heroes.

The parade was followed by a ceremony at City Hall where Mayor Michael Bloomberg presented the players with keys to the city.

Diehard fans stood dozens deep along the parade route to watch as elected officials, Yankees owners, local leaders, and current and former players made their way up Broadway from Battery Park City.

Some arrived at the parade route overnight to get the best viewing spot along Broadway.

"When you bleed blue -- Yankee blue -- you'll do anything," said one fan.

"What an incredible day and what an incredible ride -- late-inning rallies, come-from-behind heroics, clutch hitting, clutch pitching," Bloomberg said during the post-parade ceremony. "And what about Matsui? He's unstoppable. What about Andy Pettitte, unforgettable. And how about those two names that are going to someday read on a plaque in Cooperstown: Mariano Rivera. I have to say the entire team represents the best of New York. They never gave up, they never gave in, and we couldn't be prouder of them."

Five hundred fans won tickets to the ceremony and were able to watch close up. The rest of the pinstripe faithful who waited nine years for this celebration viewed the event on big screens set up nearby.

"We want to thank everyone that came out here today. What a parade, it's unbelievable, you really forgot how great it feels, but thank you," said Yankees captain Derek Jeter. "I know we closed the old stadium and talked about the fans, taking the memories from one stadium to the next. You guys definitely did not disappoint us. So this year is for the fans and especially for the bosses back home and the entire Steinbrenner family."

"The thing I love about this club is I think they took on the pulse of the city of New York," Yankees manager Joe Girardi said. "This was a club that never gave up even when things were down, this was a club that always had a heart, always showed confidence in their abilities and never stopped fighting."

Fans were also treated to a surprise performance by Jay-Z, who sang his tribute song to the city, "Empire State of Mind."

This was the city's 179th ticker-tape parade. But instead of ticker tape, fans threw recycled paper, which was cleaned up and will be recycled again.

It was the Yankees' first ticker tape parade since 2000, when they were honored with their third-straight parade after beating the Mets in the World Series.

The focus is already turning to the 2010 season, with manager Joe Girardi saying he had already talked on the phone with co-owner George Steinbrenner about not letting up next year, as the Yankees shoot for championship number 28.

"My family has always made a commitment to field a championship team," said co-owner Hal Steinbrenner, George's son. "And I promise you as I stand here today, that will never change, and with a little bit of luck I hope we will be standing here a year from today."

Meanwhile, they were not wearing pinstriped suits, but the Yankees took their victory celebration to late night television Thursday night.

Derek Jeter, Andy Pettitte and Jorge Posada appeared on the “Late Show with David Letterman.”

Pettitte said winning the Fall Classic is especially gratifying in New York, where the standard is set so high.

World Series MVP Hideki Matsui joined his teammates on stage with the championship trophy.

The Yankee veterans described the celebration, or at least tried to.

"What we don't get part of as the fans is the celebration afterwards. What is that like, because it's more than just champagne being tossed around, it's guys commemorating and experience that will last forever, isn't it?” asked Letterman.

“Well, you just explained it all. We have nothing to say,” joked Jeter. “It's exactly what you just said."

Asked about his pending free agency, Pettitte told the audience he's close to retirement, but that pitching one more season "would probably be good." Jeter joked that Pettitte has been saying it was his last season for six straight years.

The Yankees' victory also helped television ratings rebound from the last World Series's record lows.

The Yanks' series win over the Phillies averaged an 11.7 rating and a 19 share. The World Series ratings are the highest since 2004, when the Boston Red Sox ended its 86-year drought against the St. Louis Cardinals.