Lauritz could probably do a better job, but basically the kid deliberately took a Bach classic and distorted it into a slapstick comedy piece. It's a little funny that he did this in the hopes of getting his degree. It's not really that interesting unless you jerk off to that kind of stuff.
The piece takes famous phrases and ideas from famous works of classical music and then gives them a bit of a pop-music twist:
http://youtube.com/watch?v=bjX3oAwv_Fs (Le Sacre du Printemps [the rite of Spring])
http://youtube.com/watch?v=3n2DsfQdg9o (Tchaikovsky: Piano Concerto No. 1, first movement [also spoofed by Monty Python in one of my favorite sketches: http://youtube.com/watch?v=oDUTTRGOJdE])
http://youtube.com/watch?v=S6yuR8efotI (Prelude to Bach Cello Suite No. 1)
http://youtube.com/watch?v=E7-rx1gcy2I (one of 5,000 waltzes from Tchaikovsky's ballet "Swan Lake")
And probably some other quotations that I don't recognize.
And yeah, I'm the kind of guy who jerks off to this kind of thing (=B
According to the youtube writeup the composer did it as sort of a protest against his teachers insistence that he compose in a "contemporary" style. That is: atonal, soulless crap. He points out that this modern style they love so much came about as a reaction to the pre-20th century focus on rehashing the classical styles of the past over and over, and that by refusing to rehash his teacher's modern styles he was doing more to continue that tradition than they ever did.
To be fair to the comp profs, composing a catchy hook and building a concerto around it is pretty easy* compared to writing the atonal nonsense. It's an academic exercise; nobody actually LIKES it.
*"easy" in the sense that you get the idea for the theme and if you have the baseline knowledge of chord structure and progression, the rest pretty much writes itself.