If you study up much on 20s/30s black jazz and swing, you'll see that the prevailent theme is sex and drugs. Minnie the Moocher is a perfect example of this. Minnie the "moocher"? Get it? As in "coke whore".

Look at the characters in the song. "Smokey"? Yep, a reefer head. "Bang the Gong around"? Know what a "gong" is? They call them bongs nowadays.

Indeed, cokey means he was a coke head. "High-de High-de High-de Ho". Are you getting the picture? Pretty thinly disquised lyrics, very common for the period.

If you want a real kick, watch Betty Boop's animation of Minnie the Moocher. Is virtually an acid trip...