The weird names in the middle (including Holit) are likely parody spell names, especially considering it then mentions mages. Japanese Dragon Quest spell names are things like Ruura, Behoma, Begirama, Mahyado, Hyadain (yes, that's where that composer's name comes from), etcetera.
Original video: http://www.nicovideo.jp/watch/sm20331479 Lyrics: http://vgperson.com/lyrics.php?song=shamefuldeath
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