The episode is titled and based on The Toxic Avenger (1984), a horror comedy film about a blue-collar worker who gets turned into a monster superhero.
When Splinter takes away Michelangelo's things, there's an orange VHS tape that says "Ben & Stinky". This is a reference to Nickelodeon's classic cartoon The Ren & Stimpy Show (1991) which was also released in orange VHS tapes.