I have always thought that the world was unkind, Cheese and Onions

So, for awhile I thought that 'Cheese and Onions' was a Galaxie 500 original and not one of their covers. I was searching for it on youtube and it turns out that it is a cover. Anyway, I don't really know what's going on in this video. I think it's a yellow submarine parody or something, but it's pretty cool. Check it out.