DESCRIPTION:
Van Halen playing Panama live at Pepsi Center...Denver, Colorado - 5.24.2012

"The song was written about a car. According to David Lee Roth this was because critics accused him of writing about nothing more than partying, sex, and cars, but Roth realized that he had yet to write a song about cars.[citation needed] In an interview with Howard Stern, Roth explained the meaning behind the trademark song. Although the song features some suggestive lyrics, it is about a car that Roth saw race in Las Vegas; its name was "Panama Express", hence the title of the song.

Panama was the name of Dave's car. Dave had the hood and bumper mounted in his hallway, which can be seen in Dave's video for "SHOOBop". Dave has a stuffed deer's behind crashing through the front windshield. A plaque underneath reads, "Your First deer, courtesy of PANAMA."

During the bridge of the song where Roth says "I can barely see the road from the heat comin' off of it," guitarist Eddie Van Halen can be heard revving his Lamborghini in the background. The car was backed up to the studio and microphones were attached to the exhaust pipe to record the sound for the song.
Music video

The music video for the song, directed by Pete Angelus, features mostly on-stage antics by the band.[2] It heavily uses shots of band members flying through the air attached to a cable. During the breakdown, David Lee Roth is seen sword dancing and ribbon dancing. Bassist Michael Anthony's Jack Daniel's whiskey bottle bass guitar is also seen." ...from http://en.wikipedia.org/wiki/Panama_%28song%29

Lyrics:


Jump back, what's that sound?
Here she comes full blast and top down
Hot shoe burnin' down the avenue
Model citizen, zero discipline
Don't you know she's coming home with me?
You'll lose her in the turn
I'll get her, aow

Panama
Panama oh
Panama
Panama oh

Ain't nothin' like it her shiny machine
Got the feel for the wheel, keep the moving parts clean
Hot shoe burnin' down the avenue
Got an on ramp comin' through my bedroom
Don't you know she's coming home with me?
You'll lose her in the turn
I'll get her, aow
Waa ow

Panama
Panama, oh
Panama
Panama, oh ho oh ho ho
Huh

Yea we're runnin' a little bit hot tonight
I can barely see the road from the heat comin' off of it
Ah, you reach down between my legs
Ease the seat back
She's blindin', I'm flyin'
Right behind the rear view mirror, now
Got the feelin', power steerin'
Pistons poppin' ain't no stoppin' now

Panama
Panama, ho
Panama
Panama, oh ho oh ho ho
Panama
Panama, oh ho oh ho ho
Panama

[ From : http://www.elyrics.net/read/v/van-halen-lyrics/panama-lyrics.html ]