This song is about Elvis Presley. Some lyric analysis:
"Jimmie Rodgers on the Victrola up high" - Jimmie Rodgers, a country music pioneer from Elvis' home state of Mississippi, influencing Elvis (the baby) at an early age. The Victrola is the record player, played loudly.
"Mama's dancin' with baby on her shoulder" - Gladys Presley dancing with the infant Elvis.
"Black velvet and that little boy's smile" - You can buy a black velvet Elvis painting at any respectable yard sale. Early female fans were drawn to his "Little boy smile."
"Black velvet with that slow southern style" - Elvis delivered some of his songs with slow, undulating hips. Check out "Steamroller Blues" live.
"Up in Memphis the music's like a heatwave" - Sun Studios. The epicenter of early rock music and where Elvis recorded.
"White lightning, bound to drive you wild" - rock music and booze.
"Mama's baby's in the heart of every school girl" - A reference to the baby in the early part of the song, being loved by all the young girls.
"Love Me Tender leaves 'em cryin' in the aisle" - Love Me Tender
was a huge hit for Elvis in 1956.
"The way he moved, it was a sin, so sweet and true" - Elvis' legendary hips swivel, the Pelvis.
"Every word of every song that he sang was for you. In a flash he was gone, it happened so soon, what could you do?" - Elvis died suddenly in 1977.