The song is a cover of the classic Cramps (myspace) 1980 song from their album, Songs The Lord Taught Us. As with the original and the cover, they both feature that distinctive guitar riff and, er, campy and moody vocals. I'm not sure what the deal is with the Chico Fellini cover, but there's about 45 seconds of "extra" jewelery box music at the end. I only ask because I had to boost up my volume to catch it.
I was a teenage werewolf, braces on my fangs!
Anyway, what the song is ultimately about is "growing pains" of a teenage werewolf, and I'm assuming describes the 50s film (having never seen it myself). The 50s horror film of the same name, starring a young Michael Landon, of Little House on the Prairie fame was so successful that it inspired other films such as "I Was a Teenage Frankenstein", "I was a Teenage Mummy", "I Was a Teenage Serial Killer", and "I Was a Teenage Intellectual", etc.
As a bonus, here's also the most famous Wizard Rock band, Harry and the Potters (official / myspace) with their song "My Teacher is a Werewolf". In fact, here's even more Werewolfy songs from previous year's entries.