I think there is two kinds of run-around humor, here, maybe even three, but a better way to describe it is, as Manic_Skafe stated above, a tongue-in-cheek sort of band, and a unique way to promote themselves to their targeted community, via humor. I don't think anyone takes Eminem seriously, even when he debuted, because of the way he structured his particular brand of music, so I liken it sort of to that. Plus, this is only one part of the reason why I respect and love
Del Tha Funkee Homosapien so much, in that he is able to very intuitively blend in humorous aspects and themes to his music, yet it still has a message to convey deeper than what is at play on the surface.
To be honest, the first two times I watched the video, I thought it was a really good practical "internet" joke, but then I started to delve deeper into the lyrics of the content, and while humorous, it is definitely very well-produced. Only after the fact did I learn this was a real band, which probably only takes itself as seriously as its audience would have it.