Basically it's a list song. Think REM's It's the End of the World As We Know It or Billy Joel's We Didn't Start the Fire. But instead of historically relevant or pop culture references, it's about all those inane internet video's that get passed around (that I usually delete as soon as I see a Fw in the subject box).
It's funny and I fell quite special that I know almost all the references. It's my ticket in that exclusive internet geek club. I hate to admit it but there were few I never even hear of but I've been doing some research to fill in the gaps in my internet knowledge.
Also some enterprising individual edited all the original source material into a live action version.