What it means, according to M. Doughty:

I had a job working at a club called The Knitting Factory as a doorperson. One night, zooted no doubt, I was selling tickets as another person checked names off the guest list, and I started chanting, "I got the tickets and you got the list!" much to the annoyance of my co-worker. Finding this not particularly songworthy, we tried out a couple of soundalikes in rehearsal, my favorite of which was "You get Jim Backus and I'll get Koresh." We finally settled on 'You get the ankles and I'll get the wrists,' and it evolved into (don't slap me) a song about throwing an externalized conception of oneself off a building. We still hear many happy misinterpretations of this one, the most common of which is "You get the eggrolls and I'll get the rice."