Lyric discussion by defwack 

Cover art for Air Guitar lyrics by Towers Of London

I think the point of the song is that all of the lyrics are from other songs. I think the song is about singing along to songs while playing (as the title suggests) air guitar.

The lyrics seem to be "misheard" as they're not exactly as the originals, but close enough to be what someone might think they are from just listening to them on the radio.

The part about "12 o'clock" seems like part of the DJ Jazzy Jeff & The Fresh Prince song "Summertime" as if someone were singing along but didn't exactly remember how the lyrics go.