'Magic Time' contains a prominent sample of the quote, 'Alright people, it's Magic Time!' from the 1987 film, Spaceballs.
In 1987's Spaceballs, a similar substance called "Liquid Schwartz" is used to power a spaceship in the same manner as liquid electricity.
Larry Laffer made a homage-type cameo appearance in the Spaceballs: The Animated Series episode "Grand Theft Starship" and was referenced by Charles Stross in Asimov's Science Fiction.
As a curiosity, there is a Mel Brooks cameo in this film, who made a number of well regarded parodies (Blazing Saddles, Young Frankenstein, Spaceballs).
She acted in Melrose Place, as Victoria Davis on The CW teen drama, One Tree Hill, as Princess Vespa in Spaceballs and opposite John Cusack in "A Sure Thing".