Super Mario Kart meets heavily-manufactured ’90s dance music as the Ambassadors of Funk (actually a record producer called Simon Harris) offer up “Super Mario Kart” from their Super Mario Compact Disco album. Nice Nigel Mansell shout-out, too.
More about novelty songs based on videogames here. 

"Folks out there might think that I’m crazyBut I gotta rescue Daisy.”

"Folks out there might think that I’m crazy
But I gotta rescue Daisy.”

miki800:

『スーパーマリオ・コンパクト・ディスコ』英国人Pが宮本氏に“マリオマニア3大疑問”をぶつけ撃沈していた!! (アルバム視聴あり)

Is this for the Super Mario Compact Disco? Why yes, I believe it is.