This is a throwback to the kind of goofy video the internet was built on- four guys in bathrobes imitating water fountains. While the production is quite low-tech, the idea is genius and they do it well. Stay with it for the grand finale.
This reminded me of something else, and a quick search told me I was right. They are doing the dancing water routine of the Bellagio Fountains in Las Vegas. The song is "Time to Say Goodbye" by Andrea Bocelli and Sarah Brightman. -via The Adora Project