Stacy's Mom
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The speaker is a young person who tells Stacy he is interested not in her, but in her mother. At first, he tries to get chances to visit, hoping to see the mother. His feelings become more direct, and he claims he has grown up and waited a long time. The repeated chorus makes the attraction sound excited and obsessive, while the situation itself is played for comedy.
โGot it goinโ onโ is casual slang meaning that someone is attractive or impressive. โGive me the slipโ means to avoid or escape someone; the speaker wonders if Stacyโs mother is deliberately keeping away from him. The memory of her wearing only a towel is presented as a moment that fueled his fantasy. He interprets her remark about a missed spot while he was mowing the lawn as possible flirting, though it could simply have been practical.
The songโs narrator may be sincere about his crush, but his confidence is not necessarily reliable: he reads ordinary actions as signs of interest and assumes Stacyโs mother needs a man because her husband has left. That makes his declarations seem both comic and self-centered. The lyrics leave open whether the mother is actually interested; the clearest evidence comes from the narratorโs hopeful interpretation, not from her own words.