The ultimate in mondegreens

I'm sure this clip has been doing the rounds for aeons but I saw it for the first time today. A children's show from the Netherlands translated phonetically into English. I'd loved to know what the words really mean. Maybe it is all about farting in ducks?

WARNINGS:

1. NSFW. The c-word appears in the subtitles. In fact, two different c-words appear. Frequently.
   
2. After the first chorus it gets a tad silly.
3. The song is a bit too catchy, so you may find yourself singing it at work.
   

ETA: HT to the Smart Bitches