Phelous/WMG

The reason Phelous can survive
It is because Phelous' parents went to evil cult meetings for free beers. Until Rowsdower showed up. At least that's what Chad Rocco told me.

Phelous is Kenny
It's pretty obvious.
 * One problem: Kenny is blond, Phelous isn't.

"New Phelous" is an April Fools Gag.
The episode was uploaded the day before April 1st, and is too much of a shark-jumping, unfaithful moment to be taken seriously.
 * Confirmed! On the very next episode, no less!

Phelous will become a Black Lantern at one point.
Possibly in a crossover, or if the site decides to have a Green Lantern themed anniversary. Being that Death Is Cheap, especially for him, it would be fitting.

The deaths of Phelous represent that he dies a little inside with every review.
He hasn't died as much recently because he's become too desensitized to care.

Phelous is the host for the White Entity.
Which is why Death Is Cheap. Since he holds the White Entity in him, he can't be permanetly killed. Much like how Nekron attacked Nekron, yet he healed himself. Why is Phelous able to contain it? The Entity is lazy, and doesn't feel like leaving.