The Nick-is-in-a-coma/morphine-induced-delusion sequence, wherein Elvis fights Jerry Garcia, with Jimi Hendrix as the referee.
Jimi: Elvis, you cool? Elvis: I'm cool! Jimi: Jerry, you cool? Jerry: (staring at his hand as all sorts of random shapes/mutations happen) Jimi: Jerry! You cool, man? Jerry: (not paying attention) Dude...I am way cool! Jimi: Right on! Now let's fight! Jerry: ...fight?! I don't wanna fight, I just wanna hang! ("Kung Fu Fighting" cues up, with Elvis doing some karate moves) Nick: (on commentary) Looks like Elvis is gonna get it started with some kung-fu fighting! Elvis: You're mine, fat man! You're gonna get a piece of the king! Jerry: (as Elvis bares down on him) Whoa...(Jerry now sees Elvis's head as a giant strawberry) Far out! (gets punched by Elvis) Ow! Bogus! Elvis: That's the king's fist in your stomach, fat boy! Now here's some kung fu for that big, hairy, funny looking head of yours!
And then there's the finish, before everything breaks down:
Jerry: (having flattened Elvis) Far out! The king is dead! (pulls out guitar from nowhere) Nick, I wrote this song just for you...(starts strumming) I think it sucks you're in a coma I hope it's not too long before you go home-a Elvis: (recovering) What in the sam hill...? Nick is my friend, not his! (gets up and kicks Jerry in the back) Nick, this one's for you... I think you're swell, like apple pie... (Jerry starts attacking Elvis again, causing a brawl. Hendrix, meanwhile, conjures up some magical fire on the guitar, and then starts roasting marshmallows over it)
Nessie vs. Bigfoot. The fight is hyped up as the best match in Deathmatch history, with record amount of seats sold and MTV even gave them permission to run for the whole night if the fight went on for long enough. The fight starts... and Nessie immediately wins by slicing Bigfoot in half with his tail, much to the disappointment and anger of everyone in the arena.
Dean Martin vs. Jerry Lewis. Sammy Davis Jr. gives some "advice" to Jerry, who pats him on the back in gratitude...the impact of which knocks out Sammy's glass eye. They just kind of look at it as it rolls, and Dean slips on it.
Genghis Khan vs. Gandhi. The time machine malfunctions, switching the contestant's personalities. Proving that Gandhi beating the shit out of people is inherently funny. And then they call for the end of the show because Gandhi is now heading towards the broadcast booth...
The end of the David Spade vs. Steven Segal match. After Mills declares David to be the winner, if you listen closely enough, you can hear some random guy in the audience shout, "HE STILL SUCKS!"
Pat Sajak vs. Alex Trebek. After Trebek loses and is crushed to death in the isolation booth, Sajak plays a knockoff version of Wheel of Fortune's bonus round. After picking his letters, the board shows PAT SAJAK _I_S. He guesses PAT SAJAK WINS but the puzzle turns out to be PAT SAJAK DIES and Sajak gets mangled by the giant wheel's spikes.
The King of Cable special, which has clips from embarassing early jobs in Nick and Johnny's careers. Nick was originally a weatherman, and went under the name Diamonopolis, while Johnny starred in a public access show about flowers and a hemoroid cream commercial. After Johnny makes Nick wear a dress for the Sajak Vs Trebek fight, Nick shows a tape of Johnny being humiliated at a bachelor party ten years earlier.
It's a brief moment, but one episode had Vince McMahon call Steve Austin out on his trash talking, only to wind up signed up for a match with Austin that night. McMahon gives one parting shot and turns around to walk off - sporting a fantastic "WTF am I doing?!?" face.