The condition of being stoned, drunk and coked up, the preferred state of the original cast of Saturday Night Live in the late '70s. Since you are also getting live on drugs, it is a pun.
Drunk: I got us some Hpnotiq and a handle of Stoli... we're gonna get drunk!
Stoner: Oh yeah... well I just bought a Q... we're gonna get fuckin' live!
A show that was funny in it's first 10 years, but has sucked since 1995. Only dedicated fans still watch it and it is currently residing in the dumpster of TV. While it used to showcase brilliant talent and comedians, it now produces one-joke lameasses like Will Ferell and Jimmy Fallon.
John the Dumbass: Did you watch Saturday Night Live last week?
Peter: No, who still watches that shit?
John the Dumbass: Omfg i do!1111111 Watching Tina Fey and Amy Poehler crack the same unfunny joke about President Bush they've been telling for the past 4 years sure is hilarious!!!!!11!!! And a music video about monkeys taking a crap on lettuce is just so smart and funny!!!!!11
In the "hobbyist" community, describes an escort who is or appears to be "not ready for prime time", or under 18. Usually given as a warning on online escort review boards and sometimes shortened to "SNL". Sometimes the board autocorrects the typed word "underage" to Saturday Night Live to throw off LE (Law Enforcement).