Continuity mistake: At the beginning of the show, when Jerry is having a massage, his hands are in front of him, under his chin. The position of his fingers change considerably after The Masseuse says, "I don't know" but then return to the original position in the next shot.
Continuity mistake: While Jerry is having his massage, The Masseuse walks around the table to reach his right side and we can then see two items of clothing, one blue and one grey, hanging on the clothes stand behind them. During the rest of the scene, we only ever see the grey item hanging there.
Answer: Composer Jonathan Wolff used a synthesizer, although in seasons 7-9, a real bass is used in addition. Wolff also recorded himself making hundreds of mouth noises, pops, and slaps to add to the synthesized bass licks so that each episode has a different theme. The only real "back-story" is Jerry Seinfeld was having trouble coming up with a theme song and talked to a friend who happened to know Wolff. They wanted to avoid that cheesy late 80's sit-com theme song and Wolff came up with what we enjoy now. Jonathan Wolff has also talked about this further in interviews, recently Reed Dunela interviewed him, so for a fuller account of his story; check out "The Wolff of 116th street".
Bishop73