'Weird Al' Yankovic is reported to have written the song based on a leaked script for Star Wars: Episode I - The Phantom Menace (1999), without having seen the film itself (which does explain certain details like the mentioning of the ages of the Anakin and Padme characters, though it's not at all mentioned in the film).
Don McLean, author of the 1972 hit song American Pie, appreciated 'Weird Al' Yankovic's parody so much, that he occasionally began to sing Yankovic's lyrics instead of his own during performances.
Included at the beginning of the Star Wars Spoofs special feature on Bonus Disc 3 of the Star Wars The Complete Saga bluray release in 2011.
The costumes seen are also based on leaked costume designs for the film.