Okay, here's what I got so far:

Band name: It’s Happenin’
Song Title: Funky Nonsense (?)

Got a pocket full of funky with a peppermint twist
She’s a cool, shifty mama blastin’ off on the flip
iridescent pork belly galactic super train
mama sister playground with a straw daddy cane

Gotta get it up
Gotta get it on
Gotta get it down
Gotta make it strong

Got that quick dip crayon earthquake jet pack on a bun
Locomotive supernova Spanish Harlem sun (yeah)
Slick crawfish solar blast with a phosphorescent brain
Who’s that mama squat town? Deep fried Detroit soda train

Gotta shake it up
Gotta move it in
Gotta put it down
Gotta make it swim

Nebulatic comets sanitation disease
quick play tornado rip and tickle beef sneeze
Ships planets justice cannons, cables and trees
Doctor’s office penguin shillings, railroads and peas
I said crippled donkey mel brooks book train bats on my knees

penicillin trapdoor laser currency beans

He say penicillin trapdoor laser currency beans

[hey, what the hell are we saying, man?
I got no idea, man, I’m just hungry, and talking about the galaxy and trash
I think they buyin’ it, though]
Have not learned enough about funk guitar to figure out what to play on guitar to mimic the funk band, but I'm guessing it is probably a pretty standard funk progression (?)