Well, 'Fear and Loathing' isn't based on real events. It's more of a creative imagining that plays with themes and ideas rather than being a factual account.
Yes, he has. Markiplier often does unique and entertaining segments, and this could be one of them. He likes to interact with different types of content related to his fan base, and reading fanfics, even the not - so - good ones, is a way to do that.
It could be about the complex mix of love and loathing within the context of fan - created fictional works. Maybe it explores characters who have both loving and loathing relationships in a fanfic universe.
Sure is. Fear and Loathing in Las Vegas started as a novel that captured the imaginations of many readers. It has since gained popularity and become a significant work in literature.
His friends like Wade and Bob could be main characters. They would be the ones who first notice the change and try to help him. They might have some really funny reactions and also help him come to terms with being a girl. Maybe there could also be a mysterious character who caused the transformation in the first place and they have to find this person to reverse it.