An apology has been issued in a statement from Mr Fountain, who starred as the love interest of Corrie star Michelle Keegan and has also been a contestant in ITV's Dancing on Ice.
It said: "I would like to sincerely apologise for any offence I have caused. I am deeply ashamed by the lyrics and very much regret my behaviour.
"The videos were made over a year ago when I was experimenting with music and I've not done anything like it since and nor will I."
A spokeswoman for Coronation Street said: "ITV find both the language used and the views expressed in this video totally unacceptable.
"Chris Fountain has been suspended pending further inquiries into this matter."
Priti Patel, the Conservative MP for Witham in Essex, told The Sun: "This is an appalling revelation that shows a lack of respect, regard and understanding of the crime of rape. This guy is trying to trivialise it. He should know much better."
And Fay Maxted, the chief executive from the Survivors Trust, an umbrella agency of organisations supporting victims of rape and sexual violence, said: "This is absolutely shocking. He is a high-profile character. It shows a complete lack of any kind of respect for women at all.
"He is a role model for young people. It almost seems like he's making a joke of something that really isn't funny."
- The Independent