I thought this was a killer song when it came out in my college years; I used to have it posted in the bottom of my AIM profile (remember those?)
Seeing of Montreal live was like being thrust into the middle of a giant, gay, psychedelic moshpit full of boys in skinny pants who like High School Musical and misunderstood punk-rock girls totally tripping face. The band is completely insane, fond of excess and will do anything for shits and giggles.
Taking that into consideration, the Outback Steakhouse song makes sense.
Outback Steakhouse, do you realize of Montreal is making fun of you?