If an employer called two employees 'cheech and chong' with no basis could anything be done?

Maybe this statement was borish, rude or a joke but whatever the reason this being stated on a one time basis is not cause for any kind of action.

Was it because they are Hispanic or they act like whacked out druggies? If the former, then yes. If the latter, it sounds like banter and is probably not worth the effort.

Possibly. Contact an attorney to provide complete information in order to get an adequate evaluation of your situation.

I assume you are wondering about a possible racial discrimination claim. Generally speaking, an isolated instance of a racial slur (though very unprofessional, uncalled for, and worth raising to the proper HR department if there is one) is not enough in an of itself to bring a case let alone prevail on one. Typically there needs to be an adverse employer action (usually termination, fired, suspension, failure to hire, etc.) against someone in a protected class such as race/ethnicity and due to that person's class. But certainly if you have more evidence regarding the circumstances of the incident, as well as any other instances of the employer treating similarly situated employees of a different race better, then it could certainly be worth contacting EEOC to try and file a claim.

Yes, but only if you can prove that this is motivated by race, age, sex, national origin, religious belief, or ADA handicap. If it is not on that list, you have no legal remedy you could find another job, or go along with the joke.

This sounds a lot like there are some prejudices improperly being expressed the employer. Are the employees Asian? Is there a difference between the race/national origin of the employer and employees?