yes
if you are interested, in this humorous old video Celentano explains why he made a song that means nothing:
http://www.youtube.com/watch?v=gU4w12oDjn8
he says it's about "incommunicability" because in modern times people are not able to communicate to each other anymore
he then adds that "prisencolinensinainciusol" is supposed to stand for "universal love".
Celentano loves non-sense humor, it can be found in many of his movies as well