wow - I go out of town for a few days and tempest blows up in this tea cup!
Song that poke fun at ourselves, and the stereotypes people apply to us, actually help break down those prejudicial barriers. I have laughed my ass off at Irish jokes, Catholic jokes, and American jokes ... when they are offered in that 'poke fun at the stereotypes' manner. There are personal scars among the world population that will strike, as branwen points out, sensitivity among all of us on one given subject or other.
The song in question was never meant to insult, and will not be seen as offensive by most listeners. Kids watching cartoons know that when the coyote gets run over by a truck while chasing the roadrunner that it is funny because it is not for real. People hearing this song are quite capable of making that distinction for themselves, as well.
By the way, you could change the songs protagonists to students, or frat houses, or some other demographic group, and it would be very funny.