A television producer summons the Devil (Ach! Der Teufel kommt heran!) in order to procure fame, fortune and a penis with racing stripes. In return, the Devil demands that the producer make the most expensive television show in the world: a revival of TV's Manimal featuring a cast of thousands and taking up most of continental Australia. The producer cuts corners and shoots the whole thing in front of a green screen, with excessive 'flashbacks' that are just segments of the original Manimal.
The Devil loves it but the rights holders to Manimal sue the producer into utter poverty. Penniless and forgotten, he unexpectedly gains notoriety when he appears in a porn film for a few lines of stepped-on cocaine. Soon 'Racerman, The Man with Racing Stripes on His Penis' becomes famous and rich, until the Turkish city of Racerman sues him back into oblivion.
He dies of ill health soon after and goes to hell, where the television only plays reruns of Manimal, and everyone has racing-stripe-enhanced genitalia. Oh, and The Devil turns out to be Simon MacCorkindale. Did I mention that? Well he is.
Here is some footage of Simon MacCorkindale turning into a panther, from the days when all the music came out a computer and the special effects were pure latex: