Like the title says, this live show was performed and recorded in 1989, staged as a mock radio broadcast to entertain the ladies of "WAVES National", an organization whose members had served or were still serving in the U.S. Navy. They held their annual convention in Atlanta that year.
All characters played by Pete Lutz and John Bayer, who were, respectively, serving on active duty and in the Naval Reserve at the time.
WAVES, by the way, stands for Women's Auxiliary Volunteer Emergency Service, which goes back to World War I. Nowadays all women serving in the Navy are full-fledged Sailors, serving on combat-ready ships and on submarines.
The comedy sketches in this program were written by Bob Elliott and Ray Goulding, with filler written by Pete Lutz.