The song with the same name, written for the movie, was written and performed by Oingo Boingo.
It is about two teenage boys, Gary (played by Anthony Michael Hall) and his friend Wyatt (played by Ilan Mitchell-Smith, born June 29, 1969). They are unpopular and have trouble finding girlfriends. They dream about "woman everywhere" (quote: "We know about reality, don't ruin a fantasy"), then make a woman (played by Kelly LeBrock) on a computer and call her Lisa. She has magicalal powers. She provides a car and fake driving licences, allowing them to go to a bar; there they get drunk. Lisa organizes a big party in Wyatt's home while his parents are away. It becomes a big mess but Lisa cleans it up by magic. In the meantime Lisa teaches Wyatt's bullying big brother Chet (played by Bill Paxton) a lesson and gives Gary and Wyatt self-confidence. They get girlfriends and Lisa, happy for them, disappears.