The lyrics describe a speaker who is excited and deeply attracted to Elvira. At first, he sings about how beautiful she seems and how strongly she affects him. The mood then becomes more playful and hopeful: he plans to meet her, share his love, and find a preacher, suggesting they may marry.
โHeartโs on fireโ is an image for intense romantic feeling, not a real fire. Saying Elvira makes his โlittle light shineโ suggests that being in love makes him feel happier or more alive. The playful sounds in the repeated refrainโโoom poppaโ and โmow mowโโwork more like a cheerful chant than words with a clear literal meaning.
The plan to marry sounds sincere, but the tone is comic and exuberant, especially because the speaker has saved only his last two dollars. That detail may suggest he has little money, while also making his grand romantic plans seem charmingly impulsive. The lyrics do not tell us whether Elvira shares his feelings or whether the wedding actually happens; we hear only the speakerโs excited hopes.