Oh, we got another one, just like the other ones
Another bad ass, another trouble-maker
I'm scared, ain't you boys scared?
I wonder if he's gonna show us what bad is?
Boys, we got a man with a dog collar on
You think we oughta throw ol' Spike a bone?
Hey Spike what do you like?
Hey Spike what do you like?
Here's another misfit, another Jimmy Dean
Bet he's got a motorbike,
What'a y'all think?
Bet if we be good we'll get a ride on it
If he ain't too mad about the future --
Maybe we oughta help him see
The future ain't what it used to be
Hey Spike, you're scarin' my wife
Hey Spike what do you like?
Please Spike, tell us 'bout life?
Another bad ass, another trouble-maker
I'm scared, ain't you boys scared?
I wonder if he's gonna show us what bad is?
Boys, we got a man with a dog collar on
You think we oughta throw ol' Spike a bone?
Hey Spike what do you like?
Bet he's got a motorbike,
What'a y'all think?
Bet if we be good we'll get a ride on it
If he ain't too mad about the future --
Maybe we oughta help him see
The future ain't what it used to be
Hey Spike what do you like?
Please Spike, tell us 'bout life?

There's a youtube video somewhere with TP & HB playing this live pretty recently and he explains the inspiration behind it while the band vamps. It was at some real rough-n-tumble biker bar in Gainesville that TP finally got the nerve to go in one day, so he followed this guy in, who turned out to be a new guy as well. Petty lays low while the regulars at the bar start giving this new guy a bunch of shit for his spike collar and the type of guy they figure he is. The lyric is that mocking bar-talk, judging him and acting like they've got him all figured out.
Great song, and runs with the sort-of rebel/misfit theme of the album.

i love it.

The Most under rated song ever!! HEY spike what u like?