It's not exactly racist -- it plays on the sounds and spellings of Arabic words and names, in a cartoonish sort of way.
Lots of it was a bit juvenile, but much of it was funny enough to get me laughing out loud.
Feh.
That's just a lame ripoff of Bart Simpson's prank calls to Moe the Bartender.
More proof that SNL should have been put out of its misery years ago.