The first ep, despite my initial misgivings (the cheerleading part), was funny as hell, despite my not really getting a few of the jokes.
For the record, Drago is going to be working on a fansub for it, and I'd suggest you wait for his. Not sure which group he's doing it with though.
http://andrewlb.com/fansub
Check there, might be listed.
(Be sure to visit the other fantastic parts of AndrewLB.com when you're done looking at drago!)