Favreau has been dabbling in DJ-ing for years, but it wasn't until he met Goldstein, aka DJ AM, while filming a cameo for Iron Man 2 that he started taking the hobby seriously - after receiving personal lessons from the late club icon himself.
He explains, "I met DJ AM when we were shooting Iron Man 2 and I struck up a nice little friendship with him. He actually taught me a lot. (He) set up my computer. I learned a lot from the guy...
"I love The Mighty Mighty Bosstones. I do mostly the old rap. Like Run-D.M.C... Anything I think is new is not so I just go with what I like."
And Favreau, who directed the new sci-fi action film Cowboys & Aliens, even showed off his talents during a recent after-party at Comic-Con in San Diego, California.
He says, "One of the parties I did slip in and do a guest set. It wasn't the night of the premiere, that would have been too nerve-wracking, but I slipped into a party... and I did a little bit of of DJ-ing... I grew up in Queens (New York) in the '80s so, thanks to computer technology I can actually keep a party going."
DJ AM died from an accidental drug overdose in 2009, shortly after filming wrapped on Iron Man 2.