Rifarsi una verginita (it) means to remake ones verginity in Italian.
The humor (such as it is) is based on the idea that this is impossible.
Oddly it is used to refer to people who have done something wrong and wish to redeem themselves (really honestly Italians do Not think there is anything wrong with ceasing to be a virgin).
Keith Olberman l'ha fatto (did it). It is clear that Murdoch and Imelt agreed to muzzle O'Reilly and Olberman. It is also clear that Mr Olberman was effectively muzzled for a while. Then a heroic defender of truth journalism and the American way reported the story (getting rated "worse" by Olberman) and Olberman had to choose whether to rifarsi una verginita or to be known as a whore.
I don't know what this is like. I have never had the opportunity to be a whore as no one has ever offered to pay for it.
He made the wise choice and denounced O'Reilly and Murdoch. Welcome back Mr Olberman.