That's pretty much all this is. The funny moments were all pretty much pointed out by Seanbaby (the inexplicable Jim Allee inset for John Elway's Quarterback, Donn repeatedly failing at doing a Power Throw in Super Dodgeball, and the 1:15 of pause for Blaster Master).
Basically, the entire thing is watching two guys play video games not particularly well, with no commentary whatsoever. The only thing amazing/evil about it is that someone made this, then decided to sell it, and then enough people bought it to justify making multiple videos.