1) Carefree antics or horseplay.
2) A hidden camera show produced by Banyan Productions and to be shown on Nick at Nite. Its vaunted gimmick, that it showcases parents making fools out of their kids using pranks, is not only mediocre, but a sign of our society's decline. This is further proof that not only is the quality of television ever slipping, but also that there are parents out there who raise their kids so badly that they try to seek revenge (and money and fame) by humiliating their kids on cable TV. A lot of the kids will only be scarred more by their parents' sub-par caretaking skills and deficiency of morals.
I mean, the pranks advertised are mild, wholesome, lame ones, like overtwisting the nozzle on a bottle of ketchup. I'll be willing to bet that the kids will be humiliated less by the prank itself and more by the fact that their parents (along with Susan Sarandon and Gilbert Gottfried) deemed such shitty pseudo-tomfoolery as passable-quality television, and that they themselves will never scrub off the horrible, horrible stench of being a factor in it.
Word meaning unruly and often hilarious but troublesome fun.
We'll get together, have a few drinks, and hijinks will ensue.