This magic trick was from Yummy Yummy.
Murray plays guitar, and Anthony plays bass. Greg is dressed up with a cape and a hat. In the back, Jeff is kneeling at a keyboard. Murray and Anthony are sitting and holding guitars.
Greg introduces himself as Magic Greg. He wants to show you something special; it's a box of mystery. He reaches back and picks up the box. He talks about how it's magical and can do wonderful things. He flips it upside down and lets the flaps open up. You can see right through. As he closes up the flaps, he says you can all say a magic word to make something appear. He asks for your help to say the word, which is ala-kazam! When you say it, wiggle your magic fingers at the box. He will count to 3. 1, 2, 3, ala-kazam! Greg is amazed as he pulls out a yellow hankie that matches his yellow shirt. Oh, there's a green hankie tied to it as well? Thank you for telling me that. As he pulls it out and talks about the green (blue in the 1998 version) hankie, he hears there's an orange (red in the 1998 version) one. Greg thanks again and pulls it. There's also a blue one. (In the 1998 version, it's a white one, followed by another yellow one) Now there's something he needs to know: did you do that? Did you all wiggle your fingers and say ala-kazam? Hold up your hand if you did that. Wow that's great! There's one more magic thing inside the box. He puts it on the table and takes out a pink magic hankie. He's going to do a really hard magic trick now but will need your help. Will do you it? Yes! He will stuff the pink hankie in his hand and at the count of 3, he wants everyone to blow on the hand and make it disappear. He stuffs the hankie in his left hand which is a fist. Ready? 1, 2, 3. He blows on it, and it's gone! Then he gets his wand out, waves it over the box, says some magic words. He picks up the box expecting to see the hankie in it but flips it over and it's empty! Oh, it's because he couldn't do it alone. He asks for help. 1, 2, 3, ala-kazam. Wow, he pulls out the pink magic hankie. Raise your hand if you did that. That's great. Give yourselves a clap.