Mash-ups are typically terrible because they don't mean anything. They're just two unrelated items jammed together. But this, called All The President's Boys, is kind of brilliant on a lot of levels.
I imagine that the initial inspiration comes from the Sabotage line "I'mma set it straight/This Watergate" and went from there. What's great is that the 70s setting of the movie reflects the faux 70s setting of the original trailer. What's more, putting scenes from All The President's Men - a great, but not action-packed, movie - to this song is simply hilarious. Lots of guys urgently on phones.
Thanks to Alan Sepinwall for the link.