This is simply brilliant. I wouldn't have been too surprised to hear an electronica or metal arrangement of this theme, but the Russian flair is a surprising direction for a song that was surprising to begin with. The quotes from Caravan and from Toccata and Fugue, I think, help really make this. To me, they add a little bit of culture and silliness to the arrangement, which help it keep some of the same feel of the original.
About the lyrics: Don't make a version without the lyrics! Chucky Poo's theme is nothing without its words. However, I do think that people have a point about the maturity (or lack thereof) of the vocals. If you were going to make a censored version, you may as well just take CLAR's approach: replace the words of the offending words with pitched farting sounds.