MLG stands for My Little Gangster. It is a spinoff of My Little Pony for adults, and it is rated NC-17. It is about how a wannabe gangsterlittle boy tries to be a gangbanger (in my opinion, VERY funny). It has racism, nudity, and gore. Basically your typical messed up adult's show.
Guy 1: Dude, did you watch MLG last night?
Guy 2: Bro, you watch that show? You are totally messed up, man.
Guy 1: No, I think it's funny. Especially when Avory the wannabe gangster gets beat up.
Guy 2: Good, that skinny-ass football head wannabe is so annoying.