This is as good a place as any to get started, I suppose.
I feel a hunger / It's a hunger that tries to keep a man awake at night
Right off the bat, Mr. Money is having a little trouble. Here he assigns a curious motivation to the unfortunate human condition of hunger. Hunger does not try to keep a person awake at night, it is that person's brain's special way of telling the person that he or she will face extreme weakness or death if he or she does not consume nutrients. Next line!
Are you the answer? / I shouldn't wonder when I feel you whet my appetite
I take this as meaning that our hero is hungry for sexual intercourse and will engage in it thoughtlessly and indiscriminately. Going back to the "hunger" metaphor, this is the equivalent of not wondering whether drinking motor oil or eating live scorpions is "the answer" as long as it whets the appetite. (Which, admittedly, it may not.)
With all the power you're releasing / It isn't safe to walk the city streets alone
Our protagonist's unnamed paramour may actually be Marvel Comics supervillain Electro.
Anticipation is running through me / Let's find the key and turn this engine on
"The key" may refer to Viagra, or more likely some primitive version of the drug, since it didn't become available for more than a decade after this song was released. The "engine," naturally, is Eddie Money's penis.
I can feel you breathe / I can feel your heart beat faster
According to WebMD.com, rapid/deep breathing combined with a rapid heart rate could indicate, inter alia, supraventricular tachycardia (huh?), acute kidney failure (uh-oh), anemia (yikes), hyperthyroidism (sounds bad), cocaine abuse, or a drug overdose (hmmmmm). This woman should probably consult a physician.
Take me home tonight / I don't want to let you go till you see the light / Take me home tonight
When they get home, these two will engage in foreplay until she "sees the light," i.e., realizes that Eddie Money is a sleazy dirtbag who will fuck anything that moves (see above).
Listen honey / Just like Ronnie sang: Female vocal: Be my little baby!
"Ronnie" refers to Ronnie Spector. The relationship depicted in this song will most likely work out just about as well as Ronnie's relationship with her husband, Phil.
OK, this goes on for quite a while longer, but I think you get the point. Great song.