I listened to a few sound samples and pieced together this much of the lyrics. I'm rather sure it's not complete.

A NEW FANGLED TANGO

Everybody's mambo crazy, cha-cha happy, but I'm lazy.
I don't dig that frantic terpsichore.
When I trip the light fantastic,
I don't want to be gymnastic.
That's not what a dancing floor is for.

What I got in mind is a big improvement,
With a barely minimum amount of movement.
Let the other couples push and shove.
What I got in mind I think you're going to love.

I've got a new fangled tango, and there's nothing to it.
You just sort of stand there and just sort of do it.
You stand close together. There's no wasted motion.

...

Oh, you start off with one step and cling to each other,
And you know how one step can lead to another.
Oh, there's nothing wrong with a waltz or fandango,
But, ooh, what can come from a new fangled tango!
All I'm saying, it's a good thing there's music's playing....