It's definitely a certain flavor of nerd they're describing. I think I'm a total nerd, but of the English major variety.
I'm the queen of minesweeper. I love Star Trek, and I can arrange the ST captains in order of preference: Janeway, Picard, Kirk, and I never watched DS9. Even so, I don't know Klingon. My cat does not have a home page.
...and my name is NOT on my underwear. ROTFLOL!
Some of the "white" part was a goof on the original song it was spoofing, wasn't it? It's been a while, so I can't even remember what the original song was. But I don't find that offensive since he's making fun of himself. Weird Al IS white and nerdy! Mayonnaise to the max!
I do love that it's Donny Osmond dancing with him. I had a total crush on him back in the days of purple socks and "Puppy Love." :p