Hasso (mein Hund ist schwul) Lyrics

Lyric discussion by carpediemer 

Cover art for Hasso (mein Hund ist schwul) lyrics by Die Prinzen

What an odd song! "My Dog is Gay"? And then the last two lines.. "I often think of castration/but I can't get no satisfaction". I take it this is just a joke/funny song? ?_?