The poem
If you make a revolution, make it for fun, don't make it in ghastly seriousness, don't do it in deadly earnest, do it for fun.
Don't do it because you hate people, do it just to spit in their eye.
Don't do it for the money, do it and be damned to the money.
Don't do it for equality, do it because we've got too much equality and it would be fun to upset the apple-cart and see which way the apples would go a-rolling.
Don't do it for the working classes. Do it so that we can all of us be little aristocracies on our own and kick our heels like jolly escaped asses.
Don't do it, anyhow, for international Labour. Labour is the one thing a man has had too much of. Let's abolish labour, let's have done with labouring! Work can be fun, and men can enjoy it; then it's not labour. Let's have it so! Let's make a revolution for fun!

is this poem about equality? or what is it really about?
It is about the importance of having fun. Nothing is very worthwhile if we are all so bloody somber all of the time.
Sane Revolution in Practice
In my opinion, the concept of such a revolution is the need of the hour or the age. In my novel 'The Rebirth of Mahatma'(published in 2001 by Eastern English School Pvt Ltd) I have used this phrase(Sane Revolution) and shown that if Gandhi would have been reborn, he would have brought it to practice.