Saturday Morning Cartoon

Eat your Wheaties -- it's cartoon time!

From the video's description:
Madballs were a series of toy rubber balls created by AmToy, a subsidiary company of American Greetings in the mid-1980s. The toys incorporated gross-out humor in the vein of Wacky Packages and Garbage Pail Kids. Each ball had a character synopsis and a odd name.

The toyline was later turned into a short-lived animated television series, a series of comics and a video game (which contained some elements from the cartoon) for the ZX Spectrum, Amstrad CPC and Commodore 64.
Sadly, I remember the toys. Not the cartoon though...