I honestly thought at first that it was a hoax, but it's for real alright, and several episodes have already been shot and are in the can.
Now there's a trailer for the show as you can see for yourself below.
One thing for sure is that: 1) it's obviously a low budget series, and 2) it looks like there are some significant sound problems with the show. The participants are badly miked and you literally can't even hear Eric B at all at times.
Whether this show actually makes it on the air (or more likely on the internet) is anyone's guess; but the question still remains - will YOU be watching?