If you were playing Half-Life 2 and looked through the binocular-thing, the second panel is part of what you'd see there: G-man talking to Colonel Odessa Cubbage. The guy in the third panel is referring to the colonel, who Valve made really extra Britishy. When my wife Debb read this comic, she said, "that's your cat joke." The meandering British compound name is the joke I use to make fun of cat people who give their cats big ostentatious English names like that. It seemed to apply to Cubbage because he needs all that room in his name to fit in how deucedly British he is.
In case you've forgotten, the "magical hovercraft" is a callback to #070. And if I can be allowed a fanboy moment: just for fun, compare that to #011, the first time G-Man ran into Frohman. Chris has clearly gotten better with the visuals since then.