Originally an HBO comedy special.
Most of it was culled from the material not used from the adaptation from the stage version to film version of Swimming to Cambodia (1987).
The film "Leftover Life to Kill", mentioned in the monologue was eventually made as Between Two Women (1986). Michael Nouri got the part that he audtioned for.
The guru Spalding talks about in Oregon is Bhagwan Shree Rajneesh. That commune is the subject of the Netflix documentary series Wild Wild Country.