Collegehumor has been Hit or Miss with their videos. This one happens to miss. Sorry guys but a running joke about some guy with the words 'i love cock' written on his body is about as lame as when some douchbag does it a 3 AM to an unsuspecting passout.
I liked it and I don't particularly care why you don't.
Like I already mentioned, it's a parody of Memento, which is a not-so-famous (but is, incidentally, excellent) movie. My guess is you totally missed the joke, but whatever. I don't really care.