his is from a goofy comedy show that used to be on on Australian Television called, "Fast forward" and they had a segment with a catchy thing that went like so...
"Y2K, Y2K, he's a naughty bug, hooray!" Really "cheezy".
When I first saw this, I thought that perhaps the old Digital Equipment Corporation name had been resurrected. Heh. BTW, they made some very nice machines - PDP 10 was very kewl.
Anyway, wrt to the actual question. Yes, the world as we know it will cease to exist on that day. If not before. Or after. Anyway, you can take that to the bank. And if anyone questions you, just tell them that Olde JoW said it was so, you saw it on the Internet and therefore it MUST be so.