I started translating it for fun but as I'm no good at the Japanese it will take a while. I don't have enough faith in my translation ability to make a subbed video, so I will just post the lyrics when I'm done. But so far, the lyrics play it straight (something about reaching for stars and junk, I don't even know). If anything, the lyrics are funny because they're so cheesy.
Since they get so excited with their heckling, I can't really make out what they're saying, though it's obvious from context (their reaction at Hamada's bored expression gets me every time)