Also known as the "Crotch Magic Crotch" pic, and a deliberate matching bookend to "Envy" ([link]
You know ~Lixxle
, right? The fact that she commissioned this is really self-explanatory.
Those seeking explanation for the glitter and the dancing and the karaoke and the glitter and the crotchiness need to go read her highlarious fic, "The Gift That Keeps Giving".
The King had performed a blistering, swaggering, pelvically-fueled set of the most testosterone-laden songs on the karaoke machine. He had strutted and preened his way around the throne room, levitating goblins, and performing a flashy little pyrotechnics display with the aid of a couple of crystals and a flashlight. Moreover, he had donned a new outfit for every number, including a rather dazzling pair of silver sequins breeches that had literally blinded four pixies, a goblin, and a woodland sprite who had been sitting too close to the King when his pants caught the light.
FF.net link : [link]
Also, can almost tie in with current GND storyline...
(c) Henson, Lucas, Froud