This song was nominated for Best Metal Performance at the 1999 Grammy Awards. The song was featured in the American version of Godzilla, which may be considered a bit ironic due to the stance Rage Against the Machine typically takes against big industry, government, Hollywood, etc.

"Spielberg tha nightmare works":
This refers to the Dreamworks production studio, of which Stephen Spielbergis one-third owner.

"Godzilla, pure motherfuckin' filler":
Remeber that this song appeared on the Godzilla soundtrack.

Sources: http://www.accidentprone.com/ragefaq/