SNL steals my shit:
Well, conceptually, anyway. (It's cool, guys, I won't sue ya.)
Here's the IJG's take on the subject:
It's a bit more lo-fi, I guess. With any luck, a snazzier, easier-to-hear version will end up on the new album.
The lyric, for those of you who are interested in such things, can be found here. Also the personnel.