Much like Kanye West's "Gone," the internet gif set to "Peanut Butter Jelly Time" by Chip-Man and the Buckwheat Boyz already had a significant run with fame between 2007-2009, when the song became internet viral and was made famous by Fox Network's Family Guy program. Baltimore-based DJ and producer Jonny Blaze's remix of the track was released in 2008, and - in a manner similar to so many Baltimore club classics - was likely a timely quick remix of a pop song meant for play for a few months during a pop-leaning nightclub or bar set. However, if a major label could connect the song to a campaign for say, Jif, and as well couple that with viral campaign done between the label and the brand, there's the inherent possibility that a chart-topping hit is more than possible.
Intriguingly enough, the Buckwheat Boyz have already had success with a marketing tie-in for one of their singles as "Ice Cream and Cake" was used in a 2009 Baskin-Robbins advertising campaign that yes, did feature a video contest as well. Given that the road has been previously traveled, there should be absolutely no reason - with the potential promise of a Billboard #1 hit song - that creating a similar campaign for a certainly more EDM-friendly track could easily be successful.