Leave it to the Colbert Report to make Cookie Monster cool. I suspect the button-down types at PBS or CPB would have nixed this appearance if they owned the character rights. Luckily the folks at Sesame Workshop seem to be a lot more hip. Who knew?
The Monster appears about 2:15 into the clip and delivers lines worthy of a politician caught in a scandal. Priceless!
And just where can I buy that car that runs on imagination? Oh, the dealer’s on Sesame Street, right? Damn.
Gravity Medium 
Gold. Pure gold.
Best part: the hand waving at the end when he says “imagination.” Far better than “air quotes.” Sort of a cross between air quotes and jazz hands. Kills me every time.
That was HI-lar-ious, son. Dag!
But I do take exception to your suggestion that Cookie Monster is not cool. That dude is way cool. Always was and always will be.
You do get the subtext of eating cookies, don’t you?
Chris, you teach me a dirty word lesson every time we talk! I honor the creatively filthy river in which your mind flows. Namaste. 😉