This is Chammak Challo, the song of the moment over here. According to S, my coworker/adviser on all things Indian, 'chammak challo' is slang for 'a girl who is beautiful and always well-dressed, with lots of make-up and jewelry, even at small gatherings.'
The popular music industry in India is driven by Bollywood; all of the major movies are released with original soundtracks. Chammak Challo comes from a new movie starring King of Bollywood/maybe the world, Shah Rukh Khan (SRK). In the movie, Ra.One, he plays some sort of superhero. I don't know. I find him intensely irritating, so I don't plan to watch it. But I do love the song!
Oh, and in case you're wondering why SRK doesn't sound exactly, um, Indian in the song, that'd be because he's not actually singing. Bollywood singers don't do their own signing - pretty much every song is dubbed. In this case, they've added an international twist - much like the ever popular "Smack That," this is an Akon song.