From the one episode that I watched the introduction of (on Retro TV, currently 10 pm Saturday evenings during their SciFi line-up), it appears that this show is like the oldie that Elvira used to host in another big TV market. Just like Elvira did, "Svengoolie" hosts, introduces, ridicules and otherwise shares movies with his viewing friends. In other words, "Son of Svengoolie" was the local movie show, which evolved into "Svengoolie," the FOX network version.
Look who the U dug up. Sven's back with scary movies and even scarier jokes!