From Austin Improv Wiki
Watergate was an improv troupe associated with ColdTowne Theater that performed an improvised call-in show.
 Press BlurbTheir press blurb, taken from a 2012 application to perform at The Hideout Theatre:
Radio isn't dead. Watergate is here to take the calls of the people, and make them hilarious.
 "What's Your Deal?"Their answer to the "What's Your Deal?" question on a 2012 application to perform at The Hideout Theatre:
We took the idea of doing an improvised call in show. Basing the idea on shows like Coast to Coast AM, or advice call in shows. We take a suggestion, have our radio show "host" come out and take some calls from the other improvisers in our troupe, we then act out scenes that are inspired by those calls.