When Dr. Novino remarks that Pee-Wee (Matt Frewer) didn't "catch the wave," it's a reference to Frewer's appearance as Max Headroom in Coca-Cola ads of the the time. "C-C-Catch the Wave - Coke!" was the campaign's slogan. (This was also Frewer's first TV appearance after the cancellation of the Max Headroom TV series.)
The title is based on the name that Tonto called the Lone Ranger, Kemosabe.