Nope...it's a little ruder than that.
There is a bit during the chorus when various band members make shapes of the lyrics as they are sung standing in a line like cheerleaders i.e "Y Cant' I B U."
or should I say one them made a Y (standing with arms out) One of them made an I (standing straight...you get the picture) So how did they do they Cant bit? Well one of them is standing in a huge pair of red, vertical lips that they open on the word "can't" so the effect is
"Y Cunt I B U" . See? Very naughty hee hee
Apologies for any minors reading.