Farah, who says he'd "never bet against Derek," says the pilot has a chance of gaining a large audience because of the rich source material — America's history.
"Normal people telling stories and then seeing those stories come to life, with the comedians the show will have access to, will be a formula people come back and watch," Farah said. "It's just funny and, in a weird way, educational."
Regardless of Comedy Central's impending decision, Waters has clearly come a long way since graduating from Towson High School in 1998 and dropping out of Essex Community College after one semester.
After leaving college, Waters left the East Coast (and America, in general) for Toronto, where he performed
improvisational shows at the famous Second City theater.
Growing tired of the improv scene, Waters moved to Los Angeles at 20. While cutting his teeth with the famous Uprights Citizens Brigade, he eventually caught the attention of Naomi Odenkirk. Besides now being Waters' manager for more than a decade, Odenkirk introduced him to her husband, Bob Odenkirk, a personal hero of Waters.
While Bob has recently become a cult-favorite as the buffoonish lawyer Saul on the drama "Breaking Bad," he's long been Waters' comedic hero for a past role.
"He's been my father out here because 'Mr. Show' will always be the best comedy show ever made," Waters said.
But management and mentors, no matter how influential, will only get you so far in Hollywood. Although he came to California with the hopes of being an actor, Waters has only landed roles on poorly rated series (he played Lewis for one season on ABC's "Married to the Kellys" in 2003) and blink-and-you-missed-it cameos on TV ("It's Always Sunny in Philadelphia," "Happy Endings") and film ("This Means War," "Hall Pass").
"Just being an actor is so crappy," Waters said. "You audition for things that are crappy but will pay, and those things will keep you afloat for year."
While Waters has given up on the "Saturday Night Live" dream (he submitted an audition tape but never heard back), he hasn't closed the door on being an actor. Over the years, he's become more comfortable with the roles he's offered.
"My main inspiration is Chris Farley, but in two years [in Los Angeles,] I realized I wasn't Chris Farley, and I shouldn't be [him] when I'm not," Waters said. "Once I did that, things fell more into place."
Soon, he'll appear on the ABC sitcom "Suburgatory" and TBS show "Men at Work." Steady acting gigs still interest him, but with "Drunk History's" success, he's no longer pinning all of his hopes on them. When asked if he'd rather be known for his writing or acting, Waters can't choose.
"I think the shortest answer is I want to do it all," he said. "I don't want to be labeled one thing. My main thing I care about is being able to create the things I want to do with my friends, whatever platform that is."
That may be his main goal, but it's not the only one. Waters, whose Facebook page proudly supports the Baltimore Ravens and Orioles, wants to eventually return to Maryland.
"My dream is to be able to make something in Baltimore that's just there," he said. "Make a movie or make a show there. I only left because there wasn't any opportunity except being an extra in Barry Levinson or John Waters movies."
Fulfilling that dream might be years away, but Waters will be a step closer to it if Comedy Central greenlights a full season of "Drunk History." But to Waters, his most famous sketch is only a small piece of his humor.
"There are more things I want to do, more narrative stories," he said. "But I think [Drunk History] was a good way of getting introduced. I don't want to be known as someone who gets people drunk and have famous people re-enact it. But I'm proud of it."