Whilst browsing imdb.com i came across the soundtrack listing for Kevin Smiths Jay and Silent Bob Strike Back. Inerestingly enough that in additional to the times contribution they also list TMBGITW by Prince.

http://us.imdb.com/Soundtracks?0261392

Maybe Kevin Smith wanted to use it in the film?
i dunno.
Is this news?
i dunno either.

[Do I have the DVD on preorder? That I know, and the answer is 'yes'! -Ben]

[kelly_anne and J7 added: -Ben]
As an update to TMBGITW being in Jay and Silent Bob Strike Back - it was used in a rough cut of the film in the scene where Shannon Elizabeth first meets Jay (just before he "fills the cup"). It was replaced with Bad Medicine, by Bon Jovi, for the released version of the film.