Werewolves of London Lyrics

Lyric discussion by Diogenes 

Cover art for Werewolves of London lyrics by Warren Zevon

I believe it's a song about the punk scene of 1970s London, where it was hard to separate the hooligans from the pre-hipster hipsters. Some are harmless posers and some pretty dangerous thugs. I think the werewolf reference is a metaphor. Awesome song.

According to Wikipedia, the song was being played live as early as 1975, so this interpretation is unlikely.