[bavarianbeer]

I don't think it's really about anything. The lyrics seem to be about encouraging listeners to get down on the dancefloor ("you've got to press it on you, you just think it, that's what you do, baby, hold it down"). Perhaps they're referencing or parodying the tendency of many dancefloor hits towards such lyrical content. I have no idea what "DARE" is supposed to mean.

But, because that's not a very interesting answer, and also because I like to waste my time reading into pop songs, I'll give you my own interpretation: to me, the tone of Shaun Ryder's voice suggests the image of some shady character who has successfully obtained money and fame, but whose deeds may now be catching up with him. Hence, in the verses, he's self-assured and full of bravado (when he spits, "hold it down, there!"), but sounds somewhat more lost and uncertain when he interjects with "never did no harm" over the chilly music-box melody, like he's trying to justify his actions to himself. The cold feel of the synthesizer melodies seems to indicate something more menacing than just pure dancefloor fun.