The fuel for Time Travel Device (TTD) is Cameronium. The show has many references to The Terminator franchise, by James Cameron.
"Cameronium", the TTD fuel, is said to exist below the floor of the ocean and would be reachable only by someone with a highly advanced submarine (q.v. James Cameron, the implied discoverer after which it would likely be named)
This episode's title is based on the expression "a fool's errand" which is a form of hazing. A newcomer/outsider is sent out to bring back something impossible such as "striped paint".
Martin Starr stars in this episode, and Seth Rogen produces this show. They have both starred together in movies such as Superbad and Knocked Up, as well as the cult-hit tv show Freaks and Geeks
Paul Scheer and Eliza Coupe worked together in Happy Endings. Scheer's character in Happy Endings also came on creepily to Eliza Coupe's character.