This is a duet between will.i.am from the Black Eyed Peas and actor/singer Jamie Foxx. The song is from the soundtrack for the computer animated film Rio, which is set in the Brazilian rainforest. Both stars voice characters in the movie: will.i.am plays a cardinal named Pedro and Foxx is a canary called Nico.
The song is built around the repeated refrain, "I wanna party, I wanna samba," and is about partying, dancing and living life to the fullest. It finds Foxx and will.i.am trading verses, in character as their Rio likenesses.