Actually, that's not narration, that's audio snatches from a "learn Italian" LP record, which make no sense at all in context. Just another level of humor there.
Anyway, this film purportedly shows that former President Gerald Ford was the hidden hand behind every conspiracy of the last 50 years, including Watergate and the Kennedy assassination. (Well, he was on the Warren Commission...) Not quite as funny now that he's dead, but, hey, time marches on.
If you're not into fringe culture, mondo movies, or conspiracy theories, I don't think you'll "get" the humor here. Definitely for a niche market, and if you're not in that market, pass it on by, but I must say I saw this on the "Tromadance" DVD and it was probably the most entertaining short film on there. I'm usually not a fan of short films but I found this one worthwhile and funny, but I realize my tastes are not the same as most people's.