The song is a parody of (what else) "Macho Man" by the Villiage People.The song is a bit dated (1999, to be exact) so WCW is referenced in the song. But it's still good.
Besides Savage, other WWF & WCW personalities are made fun of. The Rock, Mean Gene, Dusty Rhodes, Larry Zabysko, Bobby Heenan, Undertaker, Stone Cold, Ric Flair, Shawn Michaels, Bret Hart, Hulk Hogan, Roddy Piper, DDP, Kevin Nash, Scott Hall, Sting, Eric Bischoff, Vince McMahon, & Goldberg are also paridized.
I never heard a song parody about Wrestling before, so I thought I'd post it.
So again I only watched the second hour, but that's usually when the best matches happen anyway. This seemed to be almost an ECW reunion show, between Tommy Dreamer beating the crap out of EC3 and the Monster's Ball match with Abyss and Willow.