Ah! "Prisencolinensinainciusol" (or "Universal Love") by Adriano Celentano. Great soul-stomp song from '72. It was mashed and remixed last year and became a viral hit again (the video you linked is mashed from two different TV video performances from '72 & '73 I think). In '71-'72 he'd made and released a number of rather deep and socially conscious songs just prior, and wanted to release something fun and light-hearted, so he and his wife recorded this "song about nothing".
This is a classic example of "nonsense" in that the words are literally random phonemes (sounds as syllables) acting as English words strung together. So this is actually an Italian (Celentano) taking random sounds and stringing them together to make things "sound like English" and put to an American-sounding arrangement. Celentano was a big Elvis fan, and wanted to make something that sounded like Evils of the day. If you think about it, this track does sound like The King after the "'68 Comeback Special" (especially the horn riff).
Great track, regardless (or because of) the nonsense. Also sorta interesting that this is--essentially--a very early rap track (if by "rap" you mean "rhythmic spoken word").
"This Italian parody of a 60s/70s pop song is sung entirely in gibberish designed to sound like American English. If you've ever wondered what other people think Americans sound like, this is it."
