This is my new favorite thing. Start at 0:45 if you don't like the slow intro. I don't want to give away the joke, but it seems a lot of folks don't know there's a derogatory word for red heads. Basically, he sets it up so you think he's talking about another word.
He's got quite a few other songs, too. I like "Canvas bags", "Happy little Africuns" (misspelled on purpose), and my second favorite is "Woody Allen Jesus." But if you're sensitive to religious jokes, don't watch that last one.