It is apparently a song about being in love with a woman who lives on the other side of the world, although like most They Might Be Giants songs, the lyrics are quite wacky and unspecific.
Part of the song's chorus, "Ana Ng and I are getting old," is quite difficult to sing at the same tempo as the song, and the words are difficult to make out unless you are listening for them. This, coupled with the fact that a previous verse mentions "a backwards record" led many DJ's and music buffs of the time to spread rumors that the song, especially the "Ana Ng" verse contained some sort of backwards messages.
The rumor is false, however. Played backwards the song is just meaningless gibberish.