The lyrics display a number of rice dish such as matsutake mushroom paella. It is a silly song and i could not laugh at all.
Regarding "aruitemo aruitemo", check out http://www.youtube.com/watch?v=oKZuHI9j4G8 This is the song the mother bought 40 years ago in "Still Walking". The song called "Blue Light Yokohama" was sold 1.5 million copies in 1969. From 45 seconds, you hear "aruitemo aruitemo"
Well.... Aruitemo, aruitemo just really translates to «still walking» in my opinion. «Aruite» being «walking» and «mo» in most cases being used as «still», again», etc. But I've seen translations of the whole SONG that translates IN THE CONTEXT (of the story of the song) as what the other person said before me. Just the two words together can be interpreted in many ways, but STILL WALKING is a good translation.
Aruite あるいて means 'to walk' in the continuous form. Mo も is used to denote 'but' or 'furthermore'. In the context it denotes 'also, and, furthermore', not a negative connotation.
Therefore あるいても、 あるいても。  would translate as 'walking, additionally walking, additionally...'. In English 'Walking and still walking' would work well. 'Walking more, walking more...' also works.
'Walking continuously, walking continuously' works as well.
'Walking and walking and walking and walking' also works.
So, 'Still walking' would be an abbreviated form of 'Walking, still walking'.
The translation is appropriate.
Yes, I have been learning Japanese for the past 9 months and we covered the verb ある as well as the て form of the verb, but I am not Japanese, although I live in Japan.
I'm Japanese. So the problem here is my understanding of English. But let me try.
After read all the previous posts, I slightly disagree with them.
Because the expression ....mo ...mo implies that you keep trying something but there seems to be no sign of success. You are beginning to think about giving up but can't decide.
Still walking doesn't have such uneasiness. (Sounds good as a movie title, though.)
I'd translate the title to Even though I'm walking on and on or maybe However long I walk
Of course, other Japanese may translate it differently.