Okay, before you read this, you have to watch the video above in its entirety.
Watched it? Good.
This is the hilarious song called Macarron Chacarron. And according to iTunes, it is not only real, there are multiple versions of it.
Wikipedia has an article about it, and reveals some interesting information about why the song has its "lyrics". It turns out this was a rough version of the song where the "ualuealuealeuale" was to be replaced by actual words. People liked the mumbling better, though, so they kept it as the rough version. Best decision ever made.