Then you mix these contents in a bowl and consume them. Then proceed to watch the world around you slow down to a point where you think you are the fastest man alive and proceed to run around the world. When in reality you are having the worst/best (depending on how you look at things) sugar rush in the world and fell into a diabetic coma. There is also the rare occasion that all the questions in the universe will become answered upon consumption, causing you to become insane.
Then you wake up four hours later wondering why your legs are gone.
It's called Cosby Cereal because of the mesh of bright and colorful items used to make this cereal. Much like the sweaters Bill Cosby from The Cosby Show.