Punch and Judy are the outspoken hosts of Big Shot, the show covering the latest happenings in the star system for bounty hunters. It is often from Big Shot that the crew of the Bebop learn of a new bounty, or gain a tiny clue towards nabbing their current interest. Big Shot makes regular appearances throughout the series (including the movie), and makes its debut during Stray Dog Strut. The show's sole purpose is to inform the "300,000 bounty hunters in the star system" the latest bounties being placed on criminals. The entire show is silly and exaggerated, with an over the top cowboy theme. The show lasts all of a couple of minutes, and for the anime itself is often used to spur along the story, or start the story with a new bounty the crew can chase.
Punch is the friendly host of Big Shot. His onscreen persona is that of a classic western style cowboy, with an extreme, unrealistic accent and manner of speaking. His catch phrase is "shucks howdy!" It is very unlikely Punch is his real name nor is this his real personality.
In episode 25 Faye witnesses a man who makes her think to herself "something about that guy..." The man is seen picking up his mother who asks if he has found a new job yet, and what has happened to his blonde co-worker. The man tells his mother that the co-worker has married her manager, and that he will find a new job soon. The woman calls him Alfredo. Knowing that Punch had been laid off in episode 23 and also had a blonde co-worker, it is obvious that Alfredo is Punch.
Judy is Punch's sidekick. She takes on the persona of a bubbly, unintelligent woman who generally has silly or outrageous reactions to the current bounty they are promoting or something that Punch says. At the end of the series, Big Shot is canceled and here we are given the only clue to Judy's real personality. She reacts with extreme anger, changes to her real voice (which is much lower and not bubbly at all), and exclaims the show will be hearing from her manager. It is obvious her onscreen persona and her real personality are nothing alike. Later on in the series, during the conversation between Punch and his mother that he picks up from the airport, Judy has been engaged to her manager.