The song is about casual sex, something David Lee Roth was known for. He had the roadies give out backstage passes to beautiful women at Van Halen's concerts and offered a $100 reward if the roadie sent one back he slept with.
Van Halen played this at many of their early shows before they got a record deal. They included it on a demo Gene Simmons produced for them in 1977.
If you listen carefully, you can hear an electric sitar low in the mix.
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