is it based on a real person?

Uhhhhhhh........no. It's a "music video," a short film often shot in a documentary style, although frequently they are fictional. Such is the case with "Rubber Johnny." Music videos were commonly broadcast on television 15-20 years ago, then faded into obscurity. Many artists continue to produce them, however. This is a good example of the music video--the music provides a soundtrack to a fantastical series of images.