(ETA, 10:30 CST Sun 23 Nov 2008: NSFW - nudity, apparently female-only.)
To my knowledge, the above is the seminal (ahem) version of this song/game combination on YouTube. Since it came out, there have been a lot of other versions, including this one, which shows a lot of environments. Here is a secondhand version of the first one I saw - it's set to the same song, but has a bit higher production quality. In any case, it's funnier than the official Ferengi teunce video.
This vid and this one depict the World of Warcraft dance styles, which are documented here on the WoW Wiki. You can also see animations at various resolutions on the official site.