Throughout my life, I had always assumed that this song was in reference to a sexual act. A few years ago, a friend of mine gave me an alternate meaning:

Apperently, this song is supposed to be in reference to a circumstance in a bar. Some guy was trying to start some shit, and, as things were about to come to blows, made this suggestion. What he meant by it was "Let's go fight outside where we wont get in trouble."

Makes sense to me.

Like many of the songs on The White Album, this was essentially a solo recording (in this case Paul McCartney) with "The Beatles" name attached. Paul did all of the work on this song except for a drum track that Ringo Starr provided. This drum track caused some friction with the other two bandmates: John and George were in another studio in the Abbey Road complex working on some other songs*, and Paul wandered in and borrowed Ringo while the other two were occupied.

For such an otherwise insignificant song, Paul took quite a bit of care with it. He was still writing the song when he came into the studio, and would wander out into the street between takes to scream to try and get the low voice to sound right (the song alternates verses between a high vocal and a low one). By the last take, both voices were quite hoarse, which he liked.

John later claimed to like the song (Paul found him singing it later), but said he was hurt by Paul's recording it without the others and under their noses. Paul claims he wrote it as "a richochet off John", more in Lennon's style than his own, and thinks that John was hurt at least in part because he wanted to join in.


Sources:
http://www.geocities.com/~beatleboy1/dba09white.html
Mark Lewisohn, The Beatles Recording Sessions, Harmony Books, 1988

*Piggies and Glass Onion.

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