"SPITTING IMAGE: DOWN AND OUT IN THE WHITE HOUSE," Saturday, 9:30 p.m. (4)(36)(39)--Move over, Muppets.

Here comes the concluding segment of a brilliant, inventive, wickedly funny, two-part satirical slasher from Britain, starring life-sized puppets of the famous. Prepare to laugh--hard!

The Spitting Image puppets have been an outrageous favorite on British TV, while lampooning royal family members, Prime Minister Margaret Thatcher and President Reagan, among others. Though produced in London, these two David Frost-hosted half-hours were targeted for the United States, being at once a perfect put-down of politics, politicians and celebrities and a reaffirmation of American values.

Part one (aired last week) introduced us to The Famous Corporation, a sinister organization of celebrities headed by Ed McMahon that plotted to make sure the next President is one of their own. That plan went awry, however, when the animal appeal of Republican candidate Sylvester Stallone was no match for the goodness and sincerity of the Democratic candidate, an unknown who turned out to be Uncle Sam. Another plan was needed.