If find the song much less grating than The Mighty Boosh which lets me be vaguely amused instead of annoyed and angry like I was the two times I saw The Mighty Boosh.
I believe I would have found it funnier as a kid. I remember finding extreme randomness very amusing. But the thing is, randomness is really all one joke. And that joke gets old.
and get nothing!
Seriously, this strikes me and a lot of people as pretty funny, but isn't much like the typical joke.
Edited to add: Poll and discussion. Short version: being amused by the song is rarer than I would have thought, though the LW consensus may be usually strong.