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Greased Lightning is a racing wig that appears in the "Muppet Sports" sketch in The Muppet Show, episode 310. Louis Kazagger asks the Wig Trainer if he calls his wig Greased Lightning because it's speedy. "No, cause it's greasy," the Trainer explains.
Greased Lightning doesn't actually compete in the race that is shown in the sketch, so it's not known whether the wig currently holds a title.