OMG! It WOULD be great as a concert...
But what about now that Saddam Hussein has been captured? Would that change anything?
... I personally think that this would be hilarious onstage. I don't think the crude animation aspect would have to be preserved, except for probably the sets. It could be done like YAGMCB with the actors just dressed in costumes like in the cartoon.
Personally, I'd love to see Chef have a song. How about a duet with the clitoris (which would be a giant talking puppet in the vein of Audrey II).

That's 5 more minutes right there.
"I seem to have wandered into the BRAIN load-out thread... "
-best12bars
"Sorry I am a Theatre major not a English Major"
-skibumb5290