It was a Saturday Night Live skit that, for no reason that anyone can explain, we all liked. Kind of like your average Internet meme: it starts out as something else and takes on a life of its own. (Had to click the Toonces and Spunky ping pong related video!)

Can I has driving cat?

Please stop doing that, La Loco.

The deep moral behind Toonces is he can drive a car, but very badly, but people let him drive anyways because they're surprised he can do it at all. Sort of crypto-anti-affirmative-action-backlash.

Or just a funny skit. Don't go "cow trools" and read too much into a simple joke.

can we please kill la loco

he is the most bland fucking dork ever

It's usually more along the lines of "Hey this is a funny idea. Stretch it out for another minute and thirty seconds so we can fill the slot on the schedule."

Fun Fact: Toonces was created by Jack "Deep Thoughts" Handey.

These stars are for the scene where the cat is very obviously just sitting there being a cat, while two puppet arms extending in from off-screen prepare the "chloroform" rag right in front of him.

That was a lot of chloroform

Ditto.

It's so they can make Toonces scream on demand. Toonces' pre-crash facial expression is the best part.