There are some dance songs which introduce a new dance, from "The Twist" to... um, "The Harlem Shake," if you can call such convulsions a "dance."
Then there are some dance tracks that simply encourage dancing in general, like the Drifter's "Dance With Me" or David Bowie's "Let's Dance." This is one of the latter kind.
"Dancin' Wild" may have fewer ideas in one 2-minute-20-second span than any other song Simon wrote. This is not a judgement-- many of the best songs are mindless. It is simply a fact. Simon would sometimes revisit this free-wheeling, bop-'til-you-drop style of songwriting, mostly notably in "We've Got a Groovy Thing Goin'."
The first verse, I kid you not, goes:
"Oo-la-la, you my baby
Well, oo-la-la, don't mean maybe
Oo-la-la, drive me crazy
When you're dancin' wild with me-ee."
This is repeated several times, and then the verse's melody is la-la-la'd at least twice to boot, plus there's a guitar solo. Yet, there is still room for some lyrics in the verses: "Dancin' wild, we'll do the apple jack/ Drop your shoes on the floor till we get back."
Before it was a kid's cereal, and after it was a form of hard cider, the term "apple jack" referred to a dance. It is a line dance, not unlike the electric slide. It involves a series of shuffling, cross-over, and hopping steps done facing one direction, then a 90-degree turn, then the same steps again, until the song ends (there is an instructional video on YouTube).
The next verse is: "At night, we crash the party down the block/ We learned this crazy step the kids all rock." The verb tenses make it hard to know if the apple jack is the "step" in question, since they seem to have known it since the previous verse. Probably, it's a different dance. The apple jack isn't much "crazier" than the average country two-step.
The last verse is perhaps the most 1950's element of the song, starting: "The clock says now it's time that you gotta go." When was the last time a dance song obeyed a curfew? Even Bill Haley could "rock" all the way "around the clock" a few years prior, in 1955, or at least "'Til broad daylight."
The song ends: "There's only one thing more that you must know/ I love you so." This confession of love is sung solo, without the music, in a very low register, and almost seems... shy. This is very endearing, since until now, the speaker was interested in "wild" dancing, party crashing, and being with a girl who drove him "crazy."
She's a lot of fun, but still a good girl who goes home when it's time to. After many a "wild" night, he realizes what a gem he has on his hands... and works up the guts to tell her she has won his heart. Good for him.
Musical Note: This was the B-side, when "Hey Schoolgirl" was released as a single.
Next Song: Don't Say Goodbye