Lyric discussion by gavtail 

Cover art for Peek-A-Boo lyrics by Siouxsie and the Banshees

IMO this song is about a woman who has submitted to tawdry objectification within the sex trade. The lyrics suggest that she knows how to work it but behind all the sexual allure, glitz and excitement there's someone who's hurting. The lyrics are colourful and full of sleaze but Siouxsie's tone is aggressive and almost borders on sarcastic - which in itself suggests there's some unpleasant feelings underneath the surface. I think it serves as commentary on the double life of a sex-worker and her fragile psyche.