Originally, this was a segment on the short-lived sketch comedy/variety show "Viva Variety."
Actual monkeys came on the show, and competed with each other in different sports, with the assistance of Johnny Blue Jeans, one of the co-hosts. The theme song, which was sung by Johnny, went a little something like this:
Monkey Sports, Monkey Sports
In the gymnastics competition, during the final event, one of the monkeys ran over to Johnny Blue Jeans and gave him a big hug instead of doing the actual event, to which Johnny replied, "What kind of a place gives penalties for hugging? You get a '10,' monkey!"
The term "Monkey Sports" has now taken on a slang definition, meaning any kind of shenanigan or craziness in which one might participate.