I have seen both of these. "The Italian Machine" is great - a humorous and weird little film about a motorcycle obsession and modern art. Very Cronenberg, very fun. It makes for a rather good companion piece to Fast Company in some ways. "The Lie Chair" is rather less interesting; it's quirky and somewhat supernatural, but doesn't quite work. Personally, I don't know if I could justify the $30+ price tag for just those two.
(BTW, while "The Lie Chair" was indeed an episode of "Peep Show," I'm fairly sure that "The Italian Machine" was a standalone short.)
DJ