actually that cat's probably been dead for more than a decade

the idea is that he is a tough guy that doesn't take no for an answer, he yells and shouts and is not nice in the least, and yet he wears heart boxers which shows that either: 1. It's laundry day, 2.it's Valentine's Day and he has plans later or 6. deep down he isn't afraid to show his feelings, if you're able to get him down to his boxers. I believe it is mainly the mocking of a masculine authority figure by having them wear something that is not masculine while at the same time being something that no authority figure would want to be seen wearing, as it would make all who see it question their authority.

ok, smartguy, now explain what sort of innuendo "Boy, you've got a lot of pepperoni in your bread!" is

I have underwear with pink eagles on them. You know what that means? I am a bouncer.

I'm not wearing underwear.

well, you see: from Roman times Pepperoni has always represented the most bountiful and sought after of spicy meats. Therefore if someone has "a lot of pepperoni in their bread" it means that they have had a bountiful year where they can afford indulgences that others may not have ever considered(such as putting meat and cheese inside of bread while it's being baked). However, a baker who is unfamiliar with the proper procedure of putting pepperoni into bread will not properly space the precious meats evenly throughout the bread, leading the bread to look like the chest of a well endowed young woman. Thus in recent years the term took on the double meaning that is observed in this ad.

dude, he's pretending that the reason he's been staring at her so intently for half a minute is because she bought bread with pepperoni in it. He's the master of misdirection. He is using them for the proper purpose.

So, I spent most of my childhood summers riding around in the backs of cars from before 1916. After this ad came out I was riding in the back of one of these cars with a couple of friends and there were some cyclists on the road. As we passed we all shouted "Wow! You have a lot of pepperoni in your bread!" Well, the others did, I was laughing too hard to actually say it. For some reason the fact of what I was doing seemed completely ludicrous and I couldn't stop laughing at the thought of shouting it.