According to the description this song is a parody by singer/songwriter-comedian Adriano Celentano for the Italian TV programme Mileluci and is sung entirely in gibberish designed to sound like American English. Really, you may think you recognise the words, but listening closely you'll notice that it is all meaningless. The great thing about this is that itit helps us native English speakers "hear" how we sound to those people that do not speak English.
The naughty teacher in me wants to play this video to my Intermediate Listening-and-Conversation class that I'm teaching this semester and tell them to write me a synopsis of the lyrics. Or better yet, have them describe the lyrics!