Wikipedia accurately describes Eddie's comedy style as "expressed in rambling, whimsical monologue and self-referential pantomime." This particular bit was recorded for the Dressed to Kill video and DVD in 1998, during a performance at the Stage Door Theatre in San Francisco, California. Perhaps a fitting setting, considering next to the hilarity of his comedy, the second thing most people notice about Eddie is his appearance:
"He regularly cross-dresses both on and off stage and makes it clear that cross-dressing is, for him, neither a part of his performance, nor a sexual thing — he simply enjoys wearing make-up and clothing which is traditionally perceived in the West as female-only. He remarks in one of his shows, 'Women wear what they want and so do I.' According to Izzard, 'Most transvestites fancy women.' He dismisses claims that he is a male homosexual, saying he is either a straight transvestite or a 'male lesbian'. He has also described himself as 'a lesbian trapped in a man's body,' but this is not generally taken to mean that he actually identifies as a transgender lesbian.' "
(From Wikipedia. )