Venom Music - Esta Noche A
Composed by Hans Ehrlinger.
Yes it's the version with all the weird sounds and vocals overlaid onto it from SCD-262. Because of the portion used it's impossible to tell if it's really the A or B version, though given the portion faintly heard in this scene is identical across both versions I don't think the sound mixing department really cared which version was used.
Also heard in the SpongeBob SquarePants episodes:
I Was a Teenage Gary
Waiting
Grandmum's the Word (twice)