This is the time of year when most multi-camera sitcoms wrap for the season. The final shoot is usually followed by the wrap party and the gag reel. This has become a time-honored tradition. Multi-camera gag reels are always funnier because they're in front of a live audience. Here's an example from FRIENDS. I'm guessing this is just part of the reel. On CHEERS and other shows I've worked on, there's always a montage segment featuring all the guest players who appeared that season. There are also one or two really filthy outtakes. But you'll get the idea. Gag reels are funny but they are so much funnier when you know you don't have to see any of these people again for five months.
By the way, I imagine the gag reel for FEAR FACTOR is something completely different.