The place: The Second City mainstage, Chicago IL.
In 2015, Steve Carell and Stephen Colbert are both much bigger stars than Fabio. But in 1994, Carell and Colbert were merely noteworthy local comedians performing at the famed Second City in Chicago, while Fabio was fucking Fabio. Nowadays, we've learned that Fabio is actually really funny and a very good sport (for example, if you ever see him in person, he will pick you up in his arms so you can take a picture like you're on the cover of a romance novel). In 1994, however, he was the intimidating symbol of virility that graced hundreds of those best-selling paperbacks that grocery stores used to keep near checkout counters (and at bookstores, which were a thing I don't have time to explain right now).
Colbert and Carell didn't just collaborate on the Second City stage in the 90s, they also starred together in the short-lived but (now) much-appreciated Dana Carvey Show, where they created this classic long before The Daily Show:
The Second City Network has been releasing a lot of old videotaped classics from the 90s recently, including an unreleased pilot starring a young Amy Poehler as a rapping hacker seeking to disrupt the US television networks.