The U.S. Comedy Arts Festival is a festival of the comedic arts held in Aspen Colorado after the bong smoke clears from Robert Redford's pornography festival, Sundance.
Every year the hippies get together, smoke weed and tell each other jokes, in the hopes that when the "high" wears off, they are funny. During the munchies period following the "joke-writing" the gathered unwashed masses pick who they believe to be the year's "funniest" person.
For some inexplicable reason, the hippies picked The Honorable Professor Dr. Stephen T. Colbert, D.F.A. as their "funniest" person. If these hippies were in Iraq fighting for The Baby Jesus, they wouldn't be so high as to think what Dr. Colbert is doing is a joke.