Real Cool Time

The 'real' meaning to this song is in the emphasis that The Ig puts onto a different word every time that he sings the line:

We will HAVE a real good time, tonight WE will have a real good time, tonight We WILL have a real good time, tonight We will have a real good time, TONIGHT We will have A real good time, tonight We will have a real good TIME, tonight We will have a REAL good time, tonight We will have a real GOOD time, tonight