In it, they perform the horseriding-style dance moves of Psy, the singer who had a worldwide hit with the original version, which pokes fun at Gangnam, an affluent area in South Korea.
The Etonians, dancing in their school uniform of tailcoat and white tie, lampoon their own posh image with lines including: 'Me and my homies runnin' around and getting dizzy, don't even know what we drank but we'll take it if it's fizzy, I think it might be Moet at a hundred pounds a bottle, 'cause here we drink that just like water.'
It culminates in the chorus, which goes: 'But we got Eton style, Eton style yah yah yah yah, yah.' As the video looked set to go viral last night, Eton headmaster Tony Little confirmed that the boys were all 17 and pupils at the £32,000-a-year school, and that he had watched it and enjoyed it.
Mr Little said he had known the youngsters had been planning 'something', but they were not discouraged - and the teachers who appeared in it 'were happy' to take part.
Describing it as 'a self-deprecating bit of fun,' Mr Little said the boys had come up with the idea themselves. When asked if he thought the video was funny, Mr Little replied: 'It's a bit more than that, they are taking an astute look at the parody elements of how the school is seen by others.'
As to their new-found internet fame, he said: 'I think they will be very wise to have their moment and then concentrate on more important things.'
It comes a week after Boris Johnson entertained the Tory party conference by telling how he and fellow Old Etonian David Cameron had danced to Gangnam style at Chequers.
