"Spherical on 34th Street" is an episode of The Itchy & Scratchy Show.
Scratchy and his son are at a Thanksgiving Day Parade, complete with balloons and floats. Itchy fills Scratchy up with hydrogen, which turns him into a balloon-like creature and makes him float away. Itchy then jumps onto a float with Indians, uses their campfire to ignite an arrow, and fires the flaming arrow at Scratchy.
Just as the arrow is about to hit Scratchy, Krusty the Clown interrupts the cartoon to show a bunch of commercials. Lisa uses the family's new TiVo to fast-forward through them. When the cartoon resumes, the arrow hits Scratchy, making him explode. Itchy, on the street and talking into a microphone, then says, "Oh, the hilarity!" as flaming pieces of Scratchy's innards rain down.