Lyric discussion by mamberso 

Cover art for Grease lyrics by Frankie Valli

Besides the title, doesn't have a whole lot to do with the movie.

Seems to me to be a coming of age song...as in a generation entering there teens. "Grease" in this case is the buzz word, which represents the generation. You can basically take it out, and replace it to represent Gen X, Baby Boomer, etc.