I'm assuming it's as simple as it looks and that it's just the level of insanity as you take in each piece of the frame and the guy saying "I can explain" when there is literally not one thing there anyone would be capable of giving an explanation good enough to make the woman say "Oh okay, yeah, I can see that....but what about <next>?"
I don't think there are any overall references that you're missing. If there is a reference, I missed it. It didn't need it for me as it made me laugh out loud when I saw it, which doesn't happen often.