When Ian plays "London" by Anthrax on the radio, he tells Milo, "if it's too loud you're too old". This line is a reference to the famous slogan by Ernie Anderson, who was the main promotional voice of the American Broadcasting Company from the late 1970s to the mid-1990s. Coincidentally, in Los Angeles (where this film takes place), the defunct heavy metal/hard rock radio station KNAC 105.5 used "if it's too loud, you're too old" as one of their slogans.
When Chazz drags one of the employees of KPPX out of his office, you can see a poster of a white skeleton on a black background, which is identical to the cover of The Offspring's multi-platinum album "Smash", released four months before "Airheads" arrived in theaters.
When a caller asks for tickets to see the bands "Penelope Lovestocking" and "Crimson Shroud", Chazz criticizes, "Oh, man, you actually listen to that Seattle bullshit." This is a reference to the grunge scene, which had become popular by 1994, and Seattle is the home of mostly bands associated with that genre.
Making a cameo appearance is "Stuttering" John Melendez, who at the time was from the Howard Stern Show. He is billed in the credits as the "masturbating" rocker. He was invited to participate in this production because, as a new artist for Atlantic Records, his first album had just been released and his song "Talk My Way Out Of It" can be heard as Chaz and the boys are driving in the van on their way to the radio station. After years as a Stern employee, primarily assigned to do unconventional man-in-the-street and celebrity interviews, John was lured away from New York and is now the announcer and voice of Jay Leno's The Tonight Show with Jay Leno (1992)
Joe Mantegna's character mentions to Michael McKean's character that if its too loud your too old. Michael previously played the lead singer in the band Spinal Tap in the film This is Spinal Tap which was described as the loudest band in England.