In all reality, the silly nonsensical video is a satire – poking fun at Seoul's wealthiest district, "Gangnam."
(Think of PSY's treatment of "Gangnam" as a parallel to the United States' love-hate relationship with the Jersey Shore. Though, PSY says Gangnam is equivalent to our Beverly Hills.)
With that in mind, we found the English translation to the viral sensation so we could shed some light on the catchy number. (The lyrics found are the same across various sources.)