I was pretty young when I watched this show - around 10 or 11. I remember them making fun of music videos, and I remember they had segments where they dressed up as the Smurfs. One skit I remember was to the song "Our House" with the line: "Our house, in the middle of our street..." The skit was the Smurfs living in their little mushroom house. The house was in the middle of a busy street and kept getting knocked around by traffic. The Smurfs inside were getting thrown all around. I think in the end the house was flattened by a truck.
I also remember a skit to "Hot Child in the City" where a fat kid was just sitting on a stoop sweating buckets. I seem to remember a skit to "Safety Dance" involving construction workers on a high rise building.
At age 10, I thought this show was funny. Hard to say what I'd think 20 years later.