Absurdly High-Stakes Game: Averted. It appears that losing to Arcana will result in Yami's legs being sliced off (which was actually true in the original Japanese version), but censorship from 4Kids rendered the duel physically harmless. It just sends you to the Shadow Realm instead. Then Bakura shows up and gets sawed in half, showing that 4Kids forgot to censor them after all.
Call-Back: The "every time Kaiba smiles a puppy dies" joke is continued here by putting a "+1 dead puppy" text over every shot of Kaiba smiling.
Yami: Now I summon the Dark Magician Girl, inspiring numerous failed attempts at cosplay the world over.
Marik ends the episode by stripping just to taunt his fangirls.
Marik: Now watch, fangirls, as I strip! (drops his robe to reveal the words "DIE YUGI DIE" on his back) Yeah, get a load of that back. You [EFF!]ing love it, don't you?
Bakura: I say, Yugi, can I be in this episode? (gets sliced in half) OH BUGGERATION!
Open Secret: The only one who thinks that the fact that Arcana is working for Marik isn't blatantly obvious is Arcana.
Self-Deprecation: The bullying victim in the intro is called a fool for mixing up Graceful Dice and Graceful Charity, referencing a goof from the previous episode.
Now this is the story all about how My life got flipped—turned upside-down And I'd like to take a minute, just sit down, James I'll tell you how I became the undisputed King of Card Games.
Yami: I see. Then the only way to defeat you is to spoil every plot twist in existence, thereby ridding the general public of any desire to see your convoluted mess of a movie series!