How the band is selected is beyond me, (maybe the band made up this entire marketing ploy?) But the idea is similar to people who plan a similar purchasing scheme on Amazon.com. Getting a large number of people to buy your product in a short period of time to make it a “bestseller” has worked well for many authors.
I don’t have an I-Tunes account, so I’m not going to fret about it. If you are interested in proving that a bunch of people can send an indie single to #1, and if you think that will somehow make the record industry jealous, head over to Bum Rush The Charts and show your support.