I actually haven't heard them do a test of the emergency broadcast system in a long time. Maybe they discontinued it. Anyway, It goes like this:

This is a test of the emergency broadcast system. This is only a test.

BEEEEEEEEEEEEEEEEEEEEEEEEEEE...EEEEP!

This is a test of the emergency broadcast system. The broadcasters of your area, in voluntary cooperation with Federal, State, and Local authorities, have developed this system to keep you informed in the event of an emergency. If this had been an actual emergency, the attention signal you just heard would have been followed by news and instructions. This system serves the ((city/county)) area. This concludes this test of the emergency broadcast system.