The scene where Timmy's parents leave to read bedtime stories to underprivileged, confused dolphins and Timmy's Dad tells Timmy which story they're going to read has become an internet meme, being parodied many times on YouTube, where the dolphin sound is replaced by numerous other sounds.
Vicky says the title of the episode when she first uses the Cosmo watch.
When the episode ends with an iris in, there's one final re-do, sending the viewer (not literally) back to before the iris in starts.
Drawing Hands - The title card is a play on M. C. Escher's painting "Drawing Hands", a situation that resembles an infinite loop.
This episode features the first call-back to when Timmy got Cosmo and Wanda when they accidentally go all the way back to their first meeting in the pilot episode.
Timmy and later Vicky re-doing things with the watches.
Timmy re-doing something that does not go right. (water balloon, test result, etc.)
After Timmy successfully re-do's something until he gets it perfect, a large group of people appear stating that word on the street is that he is the best at something in his school. They then reveal that they are the best at said something in the other schools and they all want Timmy to do something with them (i.e. the bullies all wanted a piece of Timmy). Timmy will then re-do to get out of the situation.
There are several scenes where Timmy doesn't have the watch, such as after he hits Francis with a balloon and when he hands his test to Mr. Crocker, or it switches wrists.
When Timmy's Dad says: "We're going to read the little dolphin who cried..." there are several mistakes in the animation of Timmy's Mom's head.
Timmy Turner: And I'm going to redefine your redefinition! (Timmy presses the re-do button on Cosmo)