The whole song is an innuendo. It's basically her telling her boyfriend that she's not ready for penetration("but that don't mean I'm gonna give it away" / "Hormones racing at the speed of light but that don't mean it's gotta be tonight") but he can "rub her the right way". So, like, it's dirty in a sleazy, semi-thirsty virgin kinda way. Ugh, QUEEN