http://www.youtube.com/watch?v=qgiOKM9O3sM
Original song (actually a parody of the Morning Musume song "Balalaika" but...)

http://www.youtube.com/watch?v=EFxAwe5dx4Y
Vocaloid version with readable lyrics.

I haven't been able to find an English translation. All I know is that it's credited to "Takakazu Abe", a character from the yaoi manga "Kuso Miso Technique" (s**t Soup Technique), from which the term "yaranaika?" originated, and is probably homoerotic in nature.