Half the time it sounds like he's saying "dong," which makes the song much more enjoyable watching the silvery-maned douchebag prance about on the pristine sands of the Faggot Isles.
That's a pair of fat girl panties. You can tell by the sweat stains on the lace. Remember when low-rider jeans were so popular that even fat girls wore them? With the thong sticking out? When they bended over it looked like a big ass Christmas ham tied up with a bow was coming out of their jeans.