Given that all we've seen of Phelps is his "aw, shucks, it was nothing..." attitude and also given that he's pretty new to the limelight, I'm not expecting rolling on the floor laughter (though I don't really expect that much from SNL in general anymore). I am however predicting that there will be several jokes about dolphins, a fake commercial for a Chico's-like store featuring Debbie Phelps (or someone pretending to be her), some sort of digital short about swimming or laser cats who are on the verge of drowning and need to be saved, and likely one of those ridiculously stupid segments with the talk show where the interviewer only speaks Italian, smokes a lot and doesn't know anything about his guest (god, I hate that sketch, but they keep recycling it). Though it would be kind of hilarious if they could get John C. Reilly to make a guest appearance in order to revive his crazy swimming instructor (see clip below).