The thread bombs were based on the film itself rather than the SNL skit, though that was also based on the same bits of dialog. Unless you've seen the movie it's not going to make much sense.
In the film, Daniel-Day Lewis' character is explaining the concept of oil drainage to another character, and that you don't actually have to own a tract of land in order to get all the oil underneath it so long as you own land around it.
He says something like "If you have a milkshake and I have a milkshake and my straw reaches across the room, I drink your milkshake." Except he says it much more colorfully.
It seems like an odd (yet apt) analogy at first, but the director P.T. Anderson actually based on a real quote about oil drainage used by disgraced Sen. Albert Fall during the Teapot Dome scandal congressional hearings in the 20s.
