Yes that is a singing and dancing penis and vagina. No we have no idea either.
There's been uproar in Sweden after a video from a children's TV show about penises and vaginas featuring cartoons of dancing genitals made it onto the web through the show's Facebook page. The show itself, titled 'Bacillakuten' 'aims to help children understand the human body and everyday diseases', according to Swedish reports, and uses the children's slang words for genitals, 'snipp' and 'snopp'.
The lyrics, according to the finest translation Google can provide, include such gems as 'Here comes the penis at full gallop' and 'the vagina is cool, you better believe it, even on an old lady. It just sits there so elegantly'.
We'll say this for nothing, it is hella catchy. We've been snippity-snopping our afternoon away since we first heard it.