In an interview on Swedish radio AronChupa describes this as a way of talking when he and his friends are having fun (like group internal slang).
for example: snauz, bauz mauz. snauz = snus (Swedish tobacco),
bauz = boss, mauz = mus (Swedish for mouse or, as in this case, vagina).
So Albatrauz is indeed albatross, but it does not have any particular meaning. "It rhymes with the rest of the song and sounds funny" is basically what he says about this himself.