So far it has something to do with former cast members of a short-lived high intensity drama introduced during the writer's strike. The fictional series within the series would be something with a catchy tagline like "Drugs: life on the streets" or "Drugs: a dealer's story." Ok, those suck but they would make for some interesting commercials for the canceled series...
First a warning would come on stating that "the following preview contains graphic images not suitable for children." Then after said graphic images of drug use and life on the streets that same deep TV announcer voice from the movie previews would say some horrible catchphrases like:
"You can't say no to 'Drugs.'"
"You'll be addicted after just one show."
The actual TV series could follow the actor who played the lead (maybe the dealer or a junkie) and it could make for some interesting scenarios when adjusting to life after the show. Here's an example:
Ok, I know I've taken this way too far but it was fun. It would probably be a pretty crappy show but at least you could appreciate it's tongue-in-cheek humor, right?