Shipshape is seen playing with a pony and a Transformer. Hasbro owns G.I. Joe, Transformers and My Little Pony.
Shipshape finds a can of spinach to give him super-strength. This is a homage to Popeye the Sailor Man, who acquires strength from eating spinach; Shipwreck was partially inspired by Popeye.
A Mcguffin is a goal or item that's only purpose is to propel a story.
The subject of the Dreadnoks' brawl is a disagreement over whether "it's a breath mint" or "a candy mint!" This is a reference to Certs ads that were popular the 1980's in which mint users would debate if Certs were primarily a breath freshener or a candy- presumably because they taste so good.