"Dame Luz" is a flirty chase song built on one demand: "Dame lo que quiero" (Give me what I want). The story is simple. He heard she's single again, "Me he enterao' que estás sola, que al bobo lo has dejado" (I've heard you're alone, that you've dumped the idiot), and he's like a sprinter "en la salida, esperando el disparo" (at the starting line, waiting for the gun). Enterao' is how enterado sounds in relaxed speech, with the d dropped, and you'll hear that all over Spain.
The chorus, "Dame luz, que rápido le caigo" (Give me a green light and I'll be right there), uses caerle in the informal sense of showing up at someone's place. Then the verse turns into a rhyme game on -uro: "Dime qué te duele y te lo curo" (Tell me what hurts and I'll cure it), "eres el diamante más puro" (you're the purest diamond), even "cianuro" (cyanide) and "canguro" (kangaroo), because she has him "dando saltos" (jumping around). It's a bit much, and that's the fun of it. There's a nice pun early on too: she left him without "ni una pista" (not a single clue), and then he sees her on "la pista" (the dance floor).