I was always fascinated by the ambiguity of this statement. What do you think Z Man was really trying to convey with that statement?

Is it the fact that the happening is his that freaks him out? Is he trying to say that this happening is so wild that even he, the host, is freaked out by it? Or is there no implied connection between the two clauses and is Z Man simply making two independent declarative statements- one that it is his happening and additionally it freaks him out? Probably one of the most famous lines in all of cinema and the discussion around it is surprisingly limited.