Disco Beaver from Outer Space is an early production by National Lampoon, made for TV (specifically, HBO) in 1978.
The short film is a collection of comedy sketches, contained within the main story which is centered on two characters: the protagonist, an extraterrestrial in the form of a human sized (and bi-pedal) beaver; and the antagonist, a gay vampire called "Dragula" instead of "Dracula." Among the various side gags (which arise as the "viewer" channel-surfs) is a short concert by a stereotyped band of Irish singers called "The Spud Brothers" (potato-shaped puppets).
Tagline: National Lampoons mockery of everything that is wrong with cable TV.
The film is essentially a shaggy dog story, leading up to a single play-on-words joke based on "beaver" also being a euphemism for female genitals. At the film's climax, the vampire is frightened by the Beaver; in his delirium, he begins seeing double, thus seeing two images of the Beaver. He cries, "Split beaver!" and disintegrates.