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.
Your link took me to their debut show, talking about the Royal Rumble. I really enjoyed it. I don't get to watch Smackdown! (I should be able to get it in, but for some reason I can't), so it's fun to hear JBL talk.