lol wow, like this has been blogged so much, I don't really even have the motivation to do so. But I'll do it anyway, for the record. (You can already tell this entry was spat out rather carelessly.)

Things to note:
There are two versions of the first episode.
This is the 'funny' version, whereas there is a more serious version.
This version does not reflect how the rest of the series will air.

Moving on…
The main character is a boy named Jil. (Some suspect that's Gonzo's corruption of 'Gilgamesh'.) He's on a journey to defeat the evil lord Druaga, who resides at the top of Druaga tower.
His group is attacked by a horde of monsters, which he easily dispatches. While his group cheers for him, he recounts how he got here…
After receiving blessings and a holy sword from the King, Jil is seen off by the Princess, to whom he suggests marriage upon his return.
On the way to Druaga's tower, one of their party members, Utu, is slain by the Dark Black Knight. Jil, enraged at his friend's death, unleashes some wtffury, defeating Dark Black Knight.
Shortly after making their way in the tower, Fatima, the spellcaster, is assaulted by a Roper monster. In the loltentaclerape that follows, Jil is told to wait by party member Neeba, as all three stare on pervertedly. They move in to help finally after Fatima yells at them.
Next, the group encounters a dragon, which immediately roasts Kally, killing him. Dark Black Knight comes to save the day, but is also slain. At the loss of the latter (and not the former, lol), Jil becomes enraged again, and unleashes wtffury again.
As they make their way to the top, Jil says he'll go alone, 'It's too dangerous'. Thus, he knocks Neeba unconscious, leaving him to the monsters that were chasing the group.
Jil and Fatima race to the top, to find a very diminuitive Druaga. Druaga says that he is Jil's father. Jil unleashes wtffury (this time styled like Gurren Lagann, haha) and fights Druaga. He fails, however, but the Goddess Ishtar tells him to use his friends' wills to win, which he does - literally. Throwing his friends' spirits at Druaga, Jil defeats the evil Lord.
…not!
Waking up, Jil finds that he is being carried by Utu, and the entire group is running. What really happened is that when the horde of monsters appeared, Jil was knocked unconscious, forcing his group to retreat. They reach a dead end, and breaking the wall, reveals a very high drop. As is, their fates hang in the balance.

Thoughts:
Well, I must say that compared with the episode, my summarization was not the slightest bit funny. The references and ridiculousness of the episode did give me a good laugh, though. I'd recommend watching this, even if it is just for one episode.