Little deuce coupe
The car he's talking about, which is a small two-door model

You don't know what I got
The listener is not aware of the car's capabilities and style

Well I'm not braggin' babe so don't put me down
The writer is not trying to boast, so please don't criticize their car

But I've got the fastest set of wheels in town
Their car is the fastest around

When something comes up to me he don't even try
When other drivers see this car, they know they cannot compete

'Cause if I had a set of wings man I know she could fly
The car is fast enough that it could take flight

Just a little deuce coupe with a flat head mill
Despite being small, the car has a powerful engine

But she'll walk a Thunderbird like (she's) it's standin's 'till
The car can easily outrun a larger, more powerful Thunderbird model as if it were standing still

She's ported and relieved and she's stroked and bored.
The inside of the engine has been modified for better performance

She'll do a hundred and forty with the top end floored
The car can reach a speed of 140 mph when pushed to its limit

She's got a competition clutch with the four on the floor
The car has a specialized clutch and gear shift used in racing

And she purrs like a kitten 'till the lake pipes roar
While idling, the car has a quiet engine, but when driving, it makes a loud, roaring sound

And if that ain't enough to make you flip your lid
If those previous features didn't impress you,

There's one more thing, I got the pink slip daddy
The writer owns the car outright and has the ownership document (pink slip)

And comin' off the line when the light turns green
When starting a drag race from a stopped position at a traffic light

Well she blows 'em outta the water like you never seen
The car leaves its competition far behind

I get pushed out of shape and it's hard to steer
The car's speed and power can make it difficult to control and steer

When I get rubber in all four gears
The car is so powerful that the tires slip (rubber) even in fourth gear