Panel 2: Judging by the expressions on Liz and Peanut-Head's faces, I'm guessing that his tone adds another layer of meaning to the word "equipment".
Panel 3: Gah! He looks like Wooly Willy!
Panel 4: Ooo! Is that a snappy comeback from an empowered woman? Will this become a Sam-and-Rebecca/David-and-Maddy style battle of wills? How sad it is that a sitcom cliche would be refreshing, compared to what this strip has been offering recently.
ETA: Or it could be a sexual harassment situation; it's hard to tell, because as I said, we can't hear Peanut-Head's tone. But if Liz DOES feel threatened, then she'll probably do everything except inform Lawrence, because, y'know, he's a friend, and these things can be awkward an' all that. And this will go on for three weeks.