Man this is damn funny and very clever lyric writing. I couldn't help but think how this compares to 'Barbie Girl' by Aqua as I was reading these lyrics - I will never listen to that song in the same way again!!
It's got a nice natural feel to this as a 'read'. Each verse delivers another funny barb but from a different angle. The third verse is a nice contrast by bringing Barbie in - it really developed the song plot as a 'story'. The 'genius'/'penis' rhyme is, if you pardon the horrendous pun', a GENIUS rhyme. This could have been quite tacky and rude if not tempered correctly but you've hit that sweet spot of tongue-in-cheek humour bang on.
What can I say about the bridge - you got a dirty mind Paul.... It's ace. That 'feature'/ 'treat ya' is a really clever near rhyme. The 'gosh' also helps add the humour and fun feel to this.
Can't wait to hear what you do musically with this one!