Other mistake: When Reese lights the fuse for the fireworks, Malcolm says the fuse is timed for 20 seconds. When the diving board collapses on Reese, it is around 30 seconds after the fuse is lit before the fireworks start.
Factual error: It's very very unlikely that police would chase all those women through town (even take helicopters to arrest them) just for making noise on someone's property for couple of minutes.
Answer: Actually, the band is called They Might Be Giants; the song is called "Boss Of Me."
Xofer