It is a re-recording of their first demo, i think it was re-recorded while the first Avantasia record was also in the making, it sounds amazing definitely the best period of the band.
I dont think they were a parody band, they just used to be super chevere and goofy as fuck
but most of their tunes were more "serious" back then than in recent years, now they also changed their style and its kind of shitty.
Anyway, this tune can fit into any Avantasia record except for the last 2 minutes.