It basically means "obviously". Similar to the phrase "Does a bear shit in the woods" or "Is the Pope Catholic" or "Is Snakes on a Plane the best movie ever"

If this definition is unclear, see Man vs. Beast 2 on the Fox Network.
"Hey Carl, are you going to that party tonight?" Carl: "Can a camel beat four midgets in a relay race?"
by Max Casella April 21, 2006
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