This short uptempo number was written by Mr. Ant, who likes looking at naked ladies. What man doesn't? (Elton John, but that's another story.) Ant learned early on that drugs and alcohol were indulgences likely to kill him, but sex was a far less harmful addiction.
"Lady" is not to be confused with any song of the same name; it was the B Side of Adam & The Ants' first single, "Young Parisians", and is the superior track. Well, less inferior, anyway.
Suggestion credit: Alexander Baron - London, England, for above 2