The song is a tribute to Andy Kaufman, a comedian who created some very special characters during his stint on Saturday Night Live, and Taxi. He used to "spoof on Elvis" quite a bit, as well as doing things like the "Man On The Moon" bit, and lip-synching to the theme song from Mighty Mouse. His Latke (sp?) character on Taxi was one of his more subtle alter-egos. He used to get 'into character' to a degree that had people doubting his sanity. Hence the "if you believe" stuff in the song.