Gingerbread Man: Fire up the ovens, Muffin Man! We got a big order to fill.
Puss-in-Boots: I hate Mondays.
Princess Fiona: Is that glitter on your lips?
Prince Charming: Mmm, cherry flavored. Want a taste?
Puss-in-Boots: Fear me, if you dare.
Captain of the Guards: Yep, that's catnip...
Puss-in-Boots: Um... That's... Not mine.
Donkey: Oh, Shrek. Don't worry. Things just seem bad because it's dark and rainy and Fiona's father hired a sleazy hitman to whack you.
Answer: The gag is that the wolf has developed a peculiar sexual fetish: he wears women's clothing for fun and is attracted to pigs. The magazine was changed for the trailer to be less suggestive (and thus to make the trailer G-rated).