The musical we didn’t know we needed

Summer lovin his jeans ripped at the seams, posted the pic for everyone to see.

The original film was set over 20 years before it was made. Therefore, the "modernized" version would be set in circa 2000. They would be singing about Usenet newsgroups and AOL chat-rooms. Not exactly as catchy as either the original or what you have here:

Tell me more, tell me more, did he put his picture on alt.fan.naked-man . . .

Grease the cancellation - the movie