I have a sideache from laughing. My living room window was open, and my neighbor came over and knocked on my door to see what the hell was so funny.
And the lyrics from the video version made it 1000X funnier.
With all these people making references to Homer Simpson, unicorns and such, I'm surprised that no one mentioned El Duce from The Mentors.
But all that said, I have to call BS. There's no freakin' way in hell that guy was serious. It was probably the drummer or whatever, just messing around with no monitors. Then when they listened to it, it was so funny they had to unleash it on the world. The audition story is what makes it funny.