The 'Me and Fred Durst' blog fits into a series of other blogs that are follow the same formula on Tumblr. The 'Kanye and White People' blog in addition to the 'Drake Hugging People' blog are two popular ones that come to mind. This is a great blog that I have bookmarked as part of my favorites.
Implications - Youth consumers are attracted to irony and sarcasm. The 'Me and Fred Durst' Tumblr blog taps into this impulse as do other similar style blogs. Companies should take this into account when creating marketing initiatives geared towards this demographic.