For the most part, this worked pretty well. They did have one movie, "It's a Wonderful Life", appearing from time to time, but it was mostly schlocky expressions of Christmas cheer by animators and misled adults. The legendary "Star Wars Christmas Special" was referenced, as was some sort of Willy Wonka cartoon that seemed to be making the point that old elves are useless and should be left to die. The funniest part of the evening was the improvised carols that Owen, Jerm, and John performed based on themes from the clips and life experiences of the audience. By the time this was over, they'd done a Scottish/Irish reggae song about "Chris" and his trip to Jamaica to get drunk with him mom and a metal tune called "Redneck Puppy Pie" that stated that Santa was going to rape the Jews and ended with both Owen and John on stage wearing only their grey briefs apologizing to their UT professor that was in the audience.
There was milk and cookies for all. There was audience participation. There was the realization that good intentions don't make good television.
Very highly recommended.
(I just noticed that Astra posted about the show too on her LiveJournal page.)