The song describes the band. They have stated that they are the "Good Time Boys" who just play music to make you feel good.
The bridge of the song is very strange, and plays quick samples of three other songs. Those songs are Fishbone's "Bonin' in the Boneyard," a song by Firehose, and X's "Living with a White Girl." Both Fishbone and Firehose are mentioned during the song.
The Red Hot Chili Peppers fanclub's name comes from this song. They took the name from the made up word Anthony Kiedis chants during the song's outro, "Rockinfreakapotamus."
Suggestion credit: Bert - Pueblo, NM, for all above
John Lennon's lead guitar work on Yoko Ono's "Walking On Thin Ice" proved to be his final creative act. It was upon their return home after completing laying down the track that Lennon was murdered by Mark David Chapman.