grammar - Please explain "I Am America (And So Can You!)"

It's a play on titles from self help programs which utilize ellipsis. For example

I lost 20 pounds in 4 days, and so can you.

This is a kind of strange ellipsis, because just tacking on "[lose 20 pounds in 4 days]" doesn't really create a grammatical sentence, but it's something like that. The ellipsis would be clearer if the sentences were

I lost 20 pounds in 4 days, and you can [lose 20 pounds in 4 days] too.

I am America, and you can [be America] too.

And the ellipsis is not so great with "to be", either. Here's some discussion from Language Log:

http://itre.cis.upenn.edu/~myl/languagelog/archives/004522.html