His prepared material, showcased on “Conan” and “Fallon” and an hour-long Comedy Central special, is sensationally smart and wildly funny. But to see Pete Holmes live, improvising and riffing and creating comedy in the moment, is to experience the kind of alchemical magic one associates with the best jazz musicians. In a town full of funny people, Pete Holmes is currently the most consistently killing comic in Los Angeles, reducing intelligent adults to tears. (Laugh tears). You can hear him on TV as the voice of the e-Trade baby, but do your soul a favor and see Holmes live. True greatness.