The song lyrics were written by the band Van Halen, as they were asked to write a song for the 1979 movie "Over the Edge" starring Matt Dillon. The movie (and the lyrics, although more obliquely) are about bored, rebellious youth with nothing better to do than get into trouble. If you see the movie, these lyrics will make more sense. It's a great movie if you grew up in the 70s/80s you'll definitely remember some of these characters from your own life. Fun fact, after writing the song, Van Halen decided not to let the movie use it.
Oh, now tell me where can you party, child, all night long?
In the basement, down in the basement, yeah.
Oh where can you go when your money gets low?
In the basement, whoa down in the basement
And if a storm is taking place, you can jam and still be safe
In the basement, down in the basement, yeah, yeah, yeah, yeah
Where can you dance to any music you choose?
In the basement, whoa down in the basement
Oh, you got the comforts of home, a nightclub too.
In the basement, whoa down in the basement.
There's no cover charge or fee and the food and drinks are free,
In the basement, down in the basement
Come on child, you can do it, you can do it, yeah
In the basement, that's where it's at (4x)
In the basement, in the basement, in the basement
That's where its at
(You tell ?em)
Where they don't , where they don't check you age at the door,
In the basement, whoa down in the basement
Barracuda and ? til your feet get sore
In the basement, whoa down in the basement
Do any dance you want to do, there's no one under you
In the basement, I know it, you tell 'em oh-h-h-h I wanna go
In the basement, that's where it's at [Repeat: x4]
Fade
In the basement, down in the basement, yeah.
Oh where can you go when your money gets low?
In the basement, whoa down in the basement
And if a storm is taking place, you can jam and still be safe
In the basement, down in the basement, yeah, yeah, yeah, yeah
Where can you dance to any music you choose?
In the basement, whoa down in the basement
Oh, you got the comforts of home, a nightclub too.
In the basement, whoa down in the basement.
There's no cover charge or fee and the food and drinks are free,
In the basement, down in the basement
Come on child, you can do it, you can do it, yeah
In the basement, that's where it's at (4x)
In the basement, in the basement, in the basement
That's where its at
(You tell ?em)
Where they don't , where they don't check you age at the door,
In the basement, whoa down in the basement
Barracuda and ? til your feet get sore
In the basement, whoa down in the basement
Do any dance you want to do, there's no one under you
In the basement, I know it, you tell 'em oh-h-h-h I wanna go
In the basement, that's where it's at [Repeat: x4]
Fade
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There's a party in the basement. The song is very dated. In the 60's and 70's basements were very popular as the unofficial family room. When parents were upstairs, teens would entertain their friends in the basement. (That 70's Show is the epitome of the basement entertainment.) It was the perfect place to listen to music adults didn't like; drink (sneaking in the booze); having sex (not I); dancing; and smoking cigarettes and weed.