The Cookie Race

Alright, listen up, Goofy Goober. You're the type of fella who probably tries to put a square peg in a round hole. This is a wordplay joke that plays on the word 'chip'. 'Chip' in cookie is, well, the chocolate chip, but 'chip chip' in 'chip chip hooray' sounds like the cheer of hip hip hooray. Therefore, the crowd is cheering about the cookie, and it's a play on the word 'chip'. Get it?