I recently auditioned at the Comic Strip Live and wrote a very detailed account of everything that happened.
It contains information that many comedians may find helpful, including tons of suggestions that I received from other comics who had already auditioned (some who had passed and others who hadn’t) AND an extremely insightful bit of advice, told to me by Colin Quinn, after he critiqued my set.
I wrote this because, before my audition, I tried to find and read whatever I could about the audition process and found very little. You can find my article here: http://www.derikboik.com/2011/09/16/comic-strip-live-audition/
I really hope this is useful to you,