When Randy is auditioning for Romeo and Juliet, Jill says she was the best Juliet at her high school, Hockaday. This is in fact the school that Patricia Richardson attended. It is an all girls, PK-12, boarding and day school in Dallas, Texas.
The title is a reference to the well known call and response rhythm that became known as "shave and a haircut, two bits".
This seven note phrase originally appeared in the 1899 Charles Hale song "At a Darktown Cakewalk" and has been used in a multitude of pieces of music and soundtracks since, often for comic effect.
There's even an apocryphal story that states the first part of the rhythm ("shave and a hair cut") was going to be added to the Golden Record on Voyager 1, on the basis that no intelligent lifeform would be able to resist replying with the "two bits".