Kelly: He is the kind of boy every girl dreams of.
Kelly and Jessie: Great Looking, smart and funny. Yes, that's Zack Morris.
Zack: (on tape) Zack Morris is a ten.
Kelly: Ha! Two fives is more like it!
Lisa: I'm stuck with three and seven left.
Miss Wentworth: (to Zack) They are crazy about you, Top Gun.
This is an allusion to a 1986 movie titled, Top Gun. It starred Tom Cruise.
Screech wearing a dress and a pair of glasses tells Jessie that her/his name is "Barbara Bush". This is an allusion to the wife of the U. S. President that was governing at the time the show was aired.
The title of this episode is an allusion to the Watergate tapes. There was tapes of conversations between President Nixon and others. One set of tapes in particular are recordings of a conversation between President Nixon and H. R. Haldeman in June 23, 1972. The Watergate is a hotel in Washington, D.C.
Screech: I shall return.
This references the famous quote attributed to General Douglas MacArthur. MacArthur made this statement when he left the Philippines in 1942. He did return and was part of the effort that lead to the U.S. winning WWII.