Sifl & Olly are not dead. The creators are planning to release videos. Buy them! It helps support S&O by showing they are in demand.
Buy S&O stuff at the official site: http://www.sifl-n-olly.com
For those of you not in the know, Sifl and Olly is/was the only cool show on eMpTyV (except for Daria). They were the only reason left for me to watch TV.
The show was about two sock puppets and a sidekick (the adorable Chester) running a talk show of sorts in their world. There are some strange creatures (Mars, the grim reaper, an atom from Elvis' comb, etc.), but mostly the characters consist of sock puppets.
Sifl and Olly usually break into a song at least once in the show. The songs are funny as hell and usually original (examples: Fake Blood, Party at Dude's House, Crescent Fresh), though there are some cover songs. They also have a section where they take calls from the public. The questions asked are usually quite random. (example: one person asked "Where am I?" S&O helped it figure out it was trapped in a box.) The other main part of the show is the Precious Roy segment. The Precious Roy commercials help keep their show on the air. Precious Roy sells very strange things and customers can call in and comment or ask questions about the product. (example: Scarehooker)
For a fairly detailed, formulized, explanation of S&O, go to http://www.thegrid.net/zoodc/siflnolly/