Marisa Laudadio
April 28, 2008 12:00 PM

In their new video, Fall Out Boy pays homage to Michael Jackson with their cover of his iconic “Beat It” – and they’re giving a glimpse at exclusive behind-the-scenes footage of the making of the video.

“It’s not an ode to a specific Michael Jackson video,” bassist Pete Wentz tells PEOPLE. “There are between 25 and 50 nods to Michael Jackson in the video – some that you need to pause and do a frame-by-frame to figure it out.”

Some of the tributes are obvious: moon-walking and one-gloved dancers, or the band’s ’80s-inspired wardrobe.

Also look for celeb cameos, including Arrested Development‘s Tony Hale as a karate sensei. “It’s officially going to be my favorite video of ours just ’cause of Tony,” says guitarist Joe Trohman.

The full-length video – which was shot in Los Angeles recently – premieres on at midnight on Monday. It will also air on Tuesday’s TRL.

“You will not feel level when you’re done watching. It’s just so bizarre,” Wentz said. “I watched the first cut the other day and … I felt high when I was watching it. It was just absolutely insane.”

The song appears on a CD packaged with the band’s new DVD, Live in Phoenix.

In another nod to the spirit of Jackson’s original, Fall Out Boy invited modern guitar hero John Mayer to record the song’s epic guitar solo – originated by Eddie Van Halen 25 years ago.

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