Though it saw no domestic release, "Experimental Film" was released promotionally in Great Britain. The disc included "Am I Awake?" and "Memo to Human Resources" as well as the single. The song was also released on a one-track promotional disc in Australia.
The song's lyrics are a satire of avant-garde cinema, and its perceived tendency toward meaninglessness and pomposity. The "narrator" of the song is an enthusiastic filmmaker who is attempting to make the titular movie. He extols its greatness and makes grandiose statements about his abundance of ideas to make the viewer's "face implode" in the end, but the film is unfinished and lacks a discernible subject.
The video itself is a cartoon experimental film and is ostensibly directed by Homestar Runner cartoon characters Strong Sad and The Cheat. Their individual contributions are wildly different: Strong Sad's footage looks like it has been shot on black-and-white film, while The Cheat's portions are animated in his singularly basic style. Initially the video just cuts between the two, but they're superimposed and mixed together more and more until the two become indistinguishable. The video is full of references to other experimental films.
In spite of They Might Be Giants originally planning to make a separate video for the "MTV crowd," they have declared the Homestar Runner video to be the song's official music video. It was the first Homestar Runner cartoon to be shown on TV.