The lyrics are based on the story of Frankenstein. In the story, Dr. Frankenstein creates a creature who comes to life, but what he created is a monster. The book is sober tale of regret and unexpected consequences, but the story is often played for comedy. In this song, the monster throws a big dance party, which is enthusiastically attended by many other creatures of lore (Dracula, Wolfman). Pickett is imitating Boris Karloff, but is narrating the story as Dr. Frankenstein, not the monster that Karloff famously portrayed.
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