Found the film kind of boring, to be honest. Not aware of anyone currently producing it.
The initials in that song are:
LBJ - presumably Lyndon Bains Johnson, the president who succeeded Kennedy and started the Vietnam war.
IRT - Interborough Rapid Transit Company - a New York subway network
USA - you probably know that one
LSD - lysergic acid diethylamde, a popular and illegal psychedelic drug of the late 60s
CIA, FBI - I'd guess you know what these mean too.
Although on reflection I probably only found it boring because I was watching it in the hope there would be plenty of nudity and there wasn't (I would have been about 15 at the time). Don't really like the music, though.