O-U-T spells "out" ... quick question

Quoted from tangerine

[...]
What is the whole 'O.U.T. spells out thing that Ringo sings?? I don't understand it in any way whatsoever- what is it's relevance?!

Maybe it has no relevance!

Maybe it has no relevance, tangerine ... let's take a look at what they said (I don't think it clarifies anything tho

):

The Beatles Christmas Record - 1967

IT'S A BOUNCY REMIX. TAKE 444!

CHRISTMAS TIME IS HERE AGAIN,
CHRISTMAS TIME IS HERE AGAIN,
CHRISTMAS TIME IS HERE AGAIN,
CHRISTMAS TIME IS HERE AGAIN,
AIN'T BEEN 'ROUND SINCE YOU KNOW WHEN.
CHRISTMAS TIME IS HERE AGAIN,
O-U-T SPELLS OUT!

THE BOYS ARRIVE AT BBC HOUSE:
-"WHAT DO YOU WANT?"
-"WE ARE BEING GRANTED PERMISSION, OH WISE ONE."
-"AH, PASS IN PEACE."

CHRISTMAS TIME IS HERE AGAIN,
CHRISTMAS TIME IS

-"AN AUDITION WILL BE HELD AT 10 A.M., WEDNESDAY THE FIRST
IN THE FLUFFY REHEARSAL ROOMS. BRING YOUR OWN!"

-"THANK YOU. NEXT, PLEASE!"
-"WOULD OVER HERE BE CONVENIENT FOR YOU?"
-"CARRY ON!"
-"OVER HERE, ARE YOU THIRTEEN, EH?"
-"NEXT, PLEASE!"

GET WONDERLUST FOR YOUR TROUSERS
GET WONDERLUST FOR YOUR HAIR.

-"SITTING WITH ME IN THE STUDIO TONIGHT IS A CROSS SECTION OF BRITISH YOUTH.
I'D LIKE FIRST OF ALL TO SPEAK TO YOU, SIR GERALD."
-"OH, NOT A BIT OF IT. WE HAD A JOB TO DO, MICHAEL."
-"AH, YES, YES, QUITE. I DON'T THINK YOU'RE ANSWERING MY QUESTION."
-"OH, LET ME PUT IT THIS WAY, THERE WAS A JOB TO BE DONE."

CHRISTMAS TIME IS HERE AGAIN,
CHRISTMAS TIME IS HERE AGAIN.

ON TO THE NEXT ROUND!
BINGO! BINGO! HA! HA!

-"IN THE RECENT HEAVY FIGHTING NEAR BLACKPOOL, MRS G. EVANS OF SOLIHULL
WAS GRADUALLY INJURED. SHE WANTS FOR ALL THE PEOPLE IN HOSPITAL "PLENTY
OF JAM JARS" BY THE RAVELLERS.
AND HERE IT IS."

PLENTY OF JAM JARS, BABY,
PLENTY OF JAM JARS FOR YOU. (for you, baby)
PLENTY OF JAM JARS, BABY,
PLENTY OF JAM JARS FOR YOU.
PLENTY OF JAM JARS, BABY, (baby, baby)
PLENTY OF JAM JARS FOR YOU.

-"AND HOW OLD ARE YOU?"
-"THIRTY-TWO."
-"OOOOH!"
-"NEVER..."
-"I AM!"
-"GET AWAY!"
-"I AM!"
-"WELL, WHAT PRICE HAVE YOU GOT YOUR EYES ON?"
-"I HAVE?"
-"OOOOH!"
-"WELL, YOU'VE JUST WON A TRIP TO DENVER AND FIVE OTHERS!"
-"OOOOH!"
-"THANK YOU."
-"AND ALSO, WAIT FOR IT, YOU HAVE ALSO BEEN ELECTED AS INDEPENDENT
CANDIDATE FOR PADDINGTON!"
-"OOOOH!"
-"LOOK AFTER YOURSELF! HA! HA!"

GET WONDERLUST FOR YOUR TROUSERS,
GET WONDERLUST FOR YOUR HAIR.

-"THIS ROUND IS BROUGHT TO YOU TONIGHT FROM THE ARMS OF SOMEONE NEW."
-"HELLO! I'M SPEAKING FROM A CALL BOX!"
-"HELLO! HELLO! OPERATOR! HELLO OPERATOR! I'VE BEEN CUT OFF!
I-I-I'VE BEEN CUT OFF! IT'S EMERGENCY!"

O-U-T SPELLS OUT! (da-da-da-da-da)
CHRISTMAS TIME IS HERE AGAIN,
AIN'T BEEN 'ROUND SINCE YOU KNOW WHEN. (ee-hoo!)
CHRISTMAS TIME IS HERE AGAIN, (that's right!)
O-U-T SPELLS OUT!

-"AND HOW OLD ARE YOU?" CHRISTMAS TIME IS HERE AGAIN!
-"THIRTY-TWO! HA! HA! HA!
-"NEVER! HA! HA! HA!"
-"WELL, YOU WON A PRICE! HA! HA! HA!"
-"GET OFF THE SHOW! HA! HA! HA!"

-"THEY LIKE TO THANK YOU FOR A WONDERFUL YEAR."
-"WE'D LIKE TO THANK YOU FOR A WONDERFUL YEAR."
-"THANK YOU FOR A WONDERFUL YEAR."

-"CARRY ON!"
-"LOOK AFTER YOURSELF! HA! HA! HA!"
-"COME IN!"

AND CHRISTMAS TIME IS ALL,
AND YOUR BONNIE CLAY US THROUGH.
HAPPY BREASTLING TO YOU PEOPLE
ALL OUR BEST FROM ME TO YOU.
AND THE BEASTY BRANGOM BUTTON
TO THE HEATHER AND LITTLE INN.
AND BE STRATTENED OOT IN MATETHER
TO YER ARMS ONCE BACK AGAIN.
OCH AWAY, YE BONNIE.

As this^ doesn't mention who said what:

Christmas Time Is Here Again - 1967
rec 28 Nov 1967; Special Guest=Victor Spinetty; Duration=6.19 Released=15 Dec; LYN13601967

(Music)

(J) : It's a clumsy remix. stage 444!!!

(All singing / Christmas Time is Here Again)

(P) : The boys arrive at BBC House.

(J) : What do you want?

(All) : We have been granted permission, oh , wise one.

(J) : Pass in peace.

(J) : An auditon will be held at 10 a.m., wednesday the 1st, in the fluffy rehersal room. Bring your own.

(J) : Thank you. Next please.

(P) : Would over here be convenient for you?

(J) : Carry on.

(P) : Over here, Are you thirteen amp?

(J) : Next please.

(All singing)

(P) : Sitting in the main studio tonight is a cross section of British youth. I'd like, first of all, to speak to you, Sir Gerald.

(J) : Oh, not a bit of it. We had a job to do, Nigel.

(P) : Yes, yes, quite. I don't think you're answering my question.

(J) : Ah, let me put it this way. There was a job to be done.

(All singing)

(G) : Come to the next round.

(G) : In the recent heavy fighting near Blackpool. Mrs.G. Evans of Sally Hall was gragually injures. She wants for all the people in hospital "Plenty of Jam Jars" by the Revellers.

(J) : And here it is.

(All singing)

(J) : And how old are you?

(G) : 32

(J) : Never.

(G) : I am

(J) : Get away.

(J) : Well, what prize have you got your eyes on?

(G) I have?

(J) : Well, you've just won a trip to Denver and five others.

(G) : Thank you.

(J) : And also, wait for it, you have been elected as independent candidate for paddington... So go for yourselves.

(All singing)

(R) : Theathre Hours is brought to you tonight from the arms of someone new.

(R) : Hello, I'm speaking from a coal. Hello, hello.Operater, hello, operater. I've been cut off. Hello! It's an emagency!

(All singing)

(G) : And how old are you?

(J) : 32

(G): Never.

(J) : Well, you've won a prize.

(P) : Get off the show!!!

(J) : They like to thank you for a wonderful year.

(G) : We'd like to thank you for a wonderful year.

(All) : Thank you for a wonderful year.

(G) : Carry on,

(J) : Look out yourself.

(J) : And Christmas tames all, and your bonny clay astrul, Elvis Presley to you, people. All the best from me to you. And the beasty dragon mutton, to the hill muddle in. I'll be struttin' moot in my tether. Dear dames unt seck again. Walk away, Bonny.