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.
In just a quick correction, Angle won in the 1996 Olympics in Atlanta. The 1998 Olympics were the Winter ones in Nagano, Japan. If Angle had won his gold medal for figure skating, he would have won it here. Come to think of it...