It's about taking up your opportunities while you have them, because you might never ever get another chance. The song is about being out and you're with someone and an opportunity has arose between the two of you and you don't know how it's happened.
It's about living life at university/college and going out on nights out, finding lust in the opposite sex. The song is based on debauchery, gallivanting and depravity from when student's go off the rails and enjoy themselves.
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