Ooh
Expressing excitement and anticipation.

Merry Christmas Saint Nick
A joyous greeting to Saint Nicholas, the patron saint of Christmas.

Christmas comes this time each year
An observation that Christmas falls on the same day each year.

Well way up North where the air gets cold
Referring to the North Pole, where it is very cold.

There's a tale about Christmas
Alluding to the many myths and legends surrounding the holiday of Christmas.

That you've all been told
Assuming the listener is familiar with the aforementioned tales.

And a real famous cat all dressed up in red
Santa Claus is referred to as a 'cat' due to his cool, collected demeanor.

And he spends the whole year workin' out on his sled
Santa Claus is always preparing for his yearly trip around the world on his sled, pulled by reindeer.

It's the little Saint Nick (little Saint Nick)
The focus of this song is on Santa's sled, called the 'little Saint Nick.'

Just a little bobsled we call the old Saint Nick
Describing the sled as a simple bobsled with a nickname - the old Saint Nick.

But she'll walk a toboggan with a four speed stick
Although the sled is modest, it is able to travel at high speeds thanks to its sophisticated design.

She's candy apple red with a ski for a wheel
The sled is described as being visually striking, with a bright red color and a ski for a front wheel.

And when Santa hits the gas, man, just watch her peel
When Santa Claus accelerates the sled, it takes off with great speed.

Run run reindeer
An exhortation to Santa's reindeer to run quickly.

Run run reindeer (whoa)
A pause in the exhortation, as if to say 'wait, slow down.'

Run run reindeer
Continuing the exhortation to go quickly.

Run run reindeer (he don't miss no one)
Making the point that Santa Claus never forgets to deliver gifts to anyone.

And haulin' through the snow at a frightening speed
Santa Claus races through the snow at an alarming pace.

With a half a dozen deer with Rudy to lead
There are six reindeer pulling the sled, led by Rudolph, the most famous of the bunch.

He's got to wear his goggles 'cause the snow really flies
To protect his eyes from the snow, Santa wears goggles while he rides the sled.

And he's cruisin' every path with a little surprise
As Santa delivers gifts, he leaves behind a little bit of magic and wonder for each recipient.

Ooh
Repeating the expression of excitement and anticipation.

Merry Christmas Saint Nick
Once again greeting Saint Nicholas joyously.

(Christmas comes this time each year)
Repeating the observation made earlier that Christmas is an annual holiday.

Ooh
Repeating the expression of excitement and anticipation once more.

Merry Christmas Saint Nick
Another joyous greeting to Saint Nick before the song ends.

(Christmas comes this time each year)
Repeating the earlier observation one final time.