Like pretty much any 'live' broadcast radio show, Bob & Tom are actually broadcast with a electronic delay (I think it's seven seconds). This allows them to hit the 'dump' button if they or one of their guests say something that could cost them a lot of money. Their 'live' internet stream is actually delayed even more than the broadcast version, but as far as I know, it isn't censored (in the past, they've referred to the stream not being censored, but I almost never stream it so I don't know for sure). Of course, the FCC can't zing them for saying naughty words on an internet-streamed show (at least not yet). I think their podcast is censored, because I've heard them use the dump button (which is seven seconds of cartoonish sound effects) on several occasions. Of course, being a podcast, they don't have to, but apparently they do anyway.
Which is why I was pretty surprised to hear Tom say what he says here, and I really hope that didn't get out over the air.
I heard this too, but when I put my earbuds in and listened to it closely he says: "No they weren;t doing this yet" It does sound like he says "They weren't doing this shit."