The spoofing begins with the show's unlikely pair of "co- anchors," glamorous Morgan Fairchild and stodgy John Houseman. They introduce segments reported by such "field correspondents" as former MTV fixture Martha Quinn and comedians Rich Hall, Jay Leno and Father Guido Sarducci (alias Don Novello). Among the topics: the opening of reporter Geraldo Rivera's own secret vault -- a direct spoof of Rivera's high-rated 1986 special about Al Capone's vault -- and a visit to the Better Baby Institute for the education of infants.