Whoopee! There it is! Where is what exactly?

I've listened to the song more than three times in its entirety now and i still can not fathom exactly what "it" is they are talking about. I recall having similar problems with that Meatloaf song about doing anything during courtship. My butler hasn't been any help either, and he's usually quite good at this, being able to consult some of the more low types down the local public house.