Oh look, another Reason user :3
Well, to get sounds that are squelchy kinda like that you'll want to use a band pass filter with a high resonance with the frequency being modulated by an LFO, state variable can do this. Careful with this though, it's very easy to get messy sounds with this technique. Also, that song is at 100 BPM so you'll probably want to sync the LFO to 1/16 or 1/8, of course only if you're making a similar track.
As for waveform, try messing with Wavetable oscillators, mixed waves 1-3 being good choices as well. Another thing I'd recommend trying is setting the LFO to the wavetable position, you can make some sounds that are quite similar to that.
A while back I made a combinator that's somewhat similar to that sound, not exact but with a bit of tweaking you could get it close:
https://dl.dropbox.com/s/5wxjqh16apsfwe ... e.cmb?dl=1Play around C2.
Basically that's two wavetables and 1 square, square is run through a filter at ~100hz w/ a pretty high resonance. An LFO is modulating the position of the wavetables and also is being routed out the CV outputs to modulate the body section of a Scream that's giving the sound some tape compression and rough EQing. Another Scream is giving it tube distortion and then it's EQed and maximized.
As I said this isn't exactly the sound but it's close and with a bit of tweaking you could get a similar sound. Also, don't forget that the sub is what makes this bass so thick and powerful, the one I just sent you doesn't sound strong but layer it with a sub and it becomes pretty good.
Also, really sorry if none of this ends up giving you the sound you're looking for :/