Audio problem: When the Fairy Godmother sings "Holding Out for a Hero" she tells the pianist to 'put it in C minor,' yet the pianist immediately begins to play in G minor, and the rest of the song is sung in that key. (01:08:15)
Audio problem: When Fairy Godmother is lying on the piano using her wand as a microphone and singing about tossing and turning, sometimes Kyle's hands don't match the sounds of the piano. This is especially visible in very last shot - just before she says "Hit it", Kyle raises one hand and then we hear a part requiring both hands.
Answer: The gag is that the wolf has developed a peculiar sexual fetish: he wears women's clothing for fun and is attracted to pigs. The magazine was changed for the trailer to be less suggestive (and thus to make the trailer G-rated).