During the development of Mortal Kombat, one of the game designers suggested that Dan use it in the game. Toasty is also the name of Scorpion's most famous Fatality. In Mortal Kombat II, a specialized Toasty Fatality can make Dan Forden say Toasty! after the Fatality with a text appearing that reads Toasty!.
Lard is animal (pig) fat, and shortening is vegetable fat. Lard is not used much anymore because it is very high in saturated fat. It is great for pie crust--makes a very flaky crust. I don't think I would use it for icing--it can have a distinct flavor of its own.
Shortening is often used in baking. The high fat content allows bakers to create flaky crusts for pies and breads which are not achievable through the use of butter or margarine. While lard is also used for baking, it is also used in a variety of different ways.