Blotto’s “I Want to be a Lifeguard.”
I’m fond of the Playmate’s song Beep Beep.
.
Good film, but it’s no Conqueror Worm. Interesting song.
I find “Timothy” (by the Buoys) quite amusing. I’m aware this says a few things about my sense of humor. I’m fine with that.
A companion piece:
Music! BAT music!
Missed the edit, sorry. 
I’ve always had a soft spot in my heart for Little Red Riding Hood by Sam the Sham and the Pharaohs.
SNAFU = Situation Normal, All Fucked Up!
Looie = Lieutenant
Topkick = Sergeant
Pot = Toilet
I used to have a girlfriend who was a dead ringer for Mitzi Mayfair, the little one on the left. 
You’ll recognize this one if you’ve seen the Ukrainian TV series Naked and Funny (available on YouTube 
).
almost anything on the various versions of the dr demento shows
The Sublime cover
To this day, the best thing Steve Martin has ever done.
Several Flight of the Conchords and They Might Be Giants songs would count as novelties but good, I’d say.
Hayseed Dixie, a novelty act that started out with doing bluegrass covers of AC/DC songs (hence their name), are really good musicians, too.
I could never figure out whether Jim Stafford wrote novelty songs, or was a country artist whose material was a lot lighter than the typical “hurtin’ and cheatin’” country music. Certainly, his music was good enough to hit the charts–“Wildwood Weed” hit number 7 in the US back in 1974. Not bad for a song that was all about marijuana, without actually ever saying so:
And then there was “Spiders and Snakes,” in with the singer and his girlfriend steal off into the woods for–you know–but things don’t go exactly as planned:
At any rate, if his stuff consists of novelty songs, then they’re pretty good.
NB: Bottles of full-cream milk had (have?) gold tops instead of silver ones.
Not sure if they are novelties, but here’s a few favorites.
Pretty much the entire NSP catalog would qualify.
To be honest, I prefer this one: 