Here's a good read for those who don't understand the "Gangnam Style" that PSY tried to portray in the MV scenes:
Just like that, PSY is making fun of people that are so vain and materialistic; but at the same time, he's making a mockery of where he's really from, that is, Gangnam. It’s like he’s shouting, “Look at me! I’m a true Gangnamese but don’t I look really tacky and pathetic?”
More from http://mydearkorea.blogspot.sg/2012/08/korean-music-psys-gangnam-style-and.html
MV with Lyric
Other"Gangnam Style" inspired videos.
Not entirely related to the original video :)
"Miko Style" :)