There is no new material in this short. It is merely edited from the Adventures of the Road-Runner (1962) pilot.
The film contains re-edited and reused footage from "Adventures of the Road Runner" , without crediting the original film's directors.
The smaller of the two TV watching children bears a striking resemblance to Cindy Lou Who. Not a real surprise, since Chuck Jones worked on the original "How the Grinch Stole Christmas" a few years later
As Wile E. Coyote reads from the cookbook, he is seated next to a Saguaro cactus in full bloom. The flowers of the cactus actually do appear at the crown of the plant's arms and are creamy white and yellow in color. They are positioned there to attract pollinators.
The title is based on the English expression "Hip Hip Hooray" which is the traditional response to "Three cheers for...".