This alliterative song ("Lorelei let's live...) is about a guy who is over-the-moon for a girl named Lorelei, and hot and heavy to cohabit with her.
In German mythology, Lorelei is the name of a water fairy (siren) who lived in the Rhine River. When her lover didn't return, she jumped to her death from a large rock where the river narrows. Her spirit is said to inhabit that rock, drawing sailors into it as they pass by and meet their doom. Wishbone Ash released a song with the same title
a few years earlier.