Panel 1-
On banner: Celestia-sama no Tsukai ya Arahende!! (take-off of http://en.wikipedia.org/wiki/Downtown_no_Gaki_no_Tsukai_ya_Arahende!!; it can be roughly translated as “This is No Task for Princess Celestia!!)
No-Laughing My Little Pony
Panel 2-
Rainbow Dash: And now, we finally begin! There’s one rule in “No-Laughing My Little Pony”. After we start, no matter what happens, you mustn’t laugh. If you break this rule, then it’s the Thai kick punishment game (see http://www.youtube.com/watch?v=yBRw9XF1Azw) for you. Coming to you with the judging and live commentary is me, Rainbow Dash!
Panel 3-
Rainbow Dash: And right away, something enters the stage!
On bandana: Dung beetle
Panel 4-
Rarity and Twilight Sparkle: What? Isn’t that just the usual Spike?
Rainbow Dash: This was a flop! Everybody’s safe!
Panel 5-
Fluttershy: Huh? What?