It's actually "vapid celebrity guest-cam". So these are famous people making inane comments and squealing in the box in the corner.
It's basically the equivalent of Tom Hanks, Larry the Cable Guy, and That Guy From Lost appearing in a box on screen during Jaywalking or something, and audio of whatever fascinating comments they might interject being piped in as well.
They need some funny dialog like "WHY ARE YOU ON MY PILLOW" and then the dog goes "BECUZ I WUV YOU" then the cat is like "I DON'T WUV YOU!" and THEN you have the slap sound.