This is about the dangers of excess, which the band was quite familiar with. They were notorious for their wild parties, girls, and drinking. Lead singer Bon Scott drank himself to death six months after this was released.
Released as a single, this became just the second AC/DC song to chart in the UK, following "Rock 'N' Roll Damnation," which made #24.
Bon Scott's last performance was when he lip-synched this song when the band performed it on Top of the Pops, a popular British music show. The show aired February 7, 1980; Scott died 12 days later.
Considering how many of their songs are about drinking, it is surprising that AC/DC guitarist Angus Young didn't touch the stuff. When he was young, a bad encounter with Bond 7 Australian whiskey turned him off from alcohol.
Brian Johnson never sang this one live. The last time the band performed it in concert with Bon Scott was on December 14, 1979 in Nice, France. The next time the band played it in concert was on May 22, 2016 during their concert in Prague, Czech Republic, with Axl Rose singing lead. The Guns N' Roses frontman toured with the band because Johnson was at risk for total hearing loss if he played large venues.