Kanye is shown here as a man who takes himself so seriously that he blows up at a joke that isn't about him at all. When he finally thinks about it, he comes to the wrong conclusion and literally swims with the fishes. :D
The whiteboard Kanye used is a House reference.
Film reference: Carlito's Way - Kanye whacks Carlos Mencia's head off with a bat. In the movie Al Pacino let Viggo Mortensen live.
"Gay Fish" was modeled after Kanye's own Heartless
Tom Snyder, the gray-haired reporter and talk show host shown among the other talk show hosts, passed away in July 2007. He was pretty influential in setting up the talk show format.