Cover on an issue of Captain Napalm.
Captain Napalm is a comic book superhero (and an eponymous superhero comic book) in Calvin and Hobbes.
The Captain Napalm comic book is a satire of somewhat outdated superhero comic books such as Captain America. Calvin is a loyal fan of the monthly publication, and even collects Captain Napalm bubblegum cards: for $20 worth of gum, he owned all but #8 and #34. The Captain's comic book is presumably tied in to a "Thermonuclear League of Liberty" comic, as Captain Napalm is head of the aforementioned League. Captain Napalm is never directly featured, and little is known about him.
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Calvin attempts to trade Captain Napalm bubble gum cards. (October 29, 1992)