It's a kids show toy. I don't know what the show itself is called but I believe the insidious thing is called a Boo-Bah. It was from the makers of that goddamned Teletubbies show. I don't think they normally have cheap sunglasses or stogies, but maybe ZZ Top would approve.
I used to have two of these. If you think the toys are scary, you should see the characters upon which they are based... just posted an example clip in the hopper.