Well, I for one didn't find this "old news", I didn't know, and thank you OP for posting.
One of the most irritating things on message boards is all that love to put someone down by posting that everyone already knows something. Not everyone does just because YOU do, obviously the OP didn't. If you already knew, then skip on along to the next thread, no need to put the poster down.
I know there were some songs with questionable lyrics when I was young. To be honest, I personally, at age 10, 11, 12, heck till about age 17, felt uncomfortable with them myself because of the lyrics, and chose myself to not listen. I listen to them NOW, but I am an adult. (Though I will admit, I could not listen to that whole youtube video, a few minutes was enough for me). I would seriously hope my child felt the same. I don't want my child's innocence robbed, I want him to be able to be a child.
Before I get blasted as a helicopter parent, I do let my son listen to and watch some stuff others may not let their children of the same age watch, but it is stuff I know I can use as a teaching tool with discussion. But if there is really no redeeming quality, believe me, he knows darn well what "This is not appropriate for you" means.

Anything in the first place that uses the word "Ho" (except for hohoho by Santa of course

) is "inappropriate" in our home.
My child is 6, and yeah, they think the same things are cool that the 12 year olds do because many kids have older siblings, and those that don't learn through their friends. I think parents should care what their children are hearing, because they probably "know" a lot more on various subjects than you think, and much of it is either misunderstood or glamourized because they really aren't old enough to understand it all. Yeah, the lyrics to this song may seem to us that they would be obscure to a child, but believe me, there is some child out there somewhere who knows and spreads the word. This is not what I want my child thinking about.