I am not exactly sure what the plot is here. There either is none, or it's just way, way too over my head. Something to do with the Krabby Patty formula. But it doesn't matter. You can't. stop. watching.
Apparently, this video stemmed from a bet. A friend challenged YouTube user Steinobst into making something ridiculous into an intense drama-ridden epic, and this is the result. Steinobst crushed it in a landslide.