Actually I'd rate the funniest moment as Giles' lecture to Buffy on the cheerleading 'cult'. Her pouting casts him in the father figure role for the first time. Her superpowered cheerleading routine is also great and she mentions slaying to Joyce. Not to mention the virility statue (jeepers!)
Favourite bit though is the girl who spontaneously combusts during her tryout
Willow; "That girls on fire!"
CC (not looking) "Enough with the hyperbole!"
One question, exactly when do mother and daughter switch bodies?