Ascribing one meaning to the phrase is almost certainly impossible - as with many phrases in the English language. Even in the same song it can, and was probably intend to have two (or more meanings) at the same time. Eg Charlie Spand's "She's got good stuff." (c 1930)
"Comes a tripping down the street like a Maltese cat
She's got good stuff and it's tight like that."
I think the song is all about drugs, but at the same time much of it could and probably was about sex.