You guys danced around it a little with all the superhero references, but the WWF didn't actually own the name "Hulk Hogan" outright at this time--they were paying Marvel Comics to use the "Hulk" part. (His real name is Terry Bollea, which you probably know; the weird thing is that the "Hogan" part was intended to suggest he was an Irish ethnic hero like Bruno Sammartino was to Italian folks.) It's likely that the WWF wasn't allowed to use it in a motion picture, hence the Rip.
Also -- I think the "take... a leak" was meant to be some kind of irony; you might expect that to be "take a memo" or "take notes" or "take dictation." Instead -- well, you know.