Replacing 20-something "frat boys" with 40-something "lesbian cougars," and thinking it's satire is really pretty pathetic. I would expect more from Second City.
It's not even the fact that the dykes are made up to look ugly is that stereotypical lesbian manner or that they use a word like "twat," it's that whomever made this so clearly knows nothing about lesbian culture. That's why its not funny.
For christ fucking sake, a lesbian cougar would not go after a drunk straight college girl. A lesbian cougar would go after a hot young packing butch go-go dancer.
ETA: As for the predator thing -- I get why that's disturbing, but I don't think anyone in the clip is supposed to be underage. Young does not equate to child or minor. Let's remember that people with large age differences DO engage in consensual relationships. Part of the problem with the whole "cougar" thing is that it is so totally age-ist - on both ends of the spectrum.