When Richard wrote the play, he pictured himself as Eddie, a half-dead rocker who appears, has five minutes to put the audience in the palm of his hand, then makes a bloody exit.
This song, also known as "Whatever Happened to Saturday Night," is Eddie's chance to capture the audience.
When Meat Loaf auditioned for the role, he was told not to worry if he couldn't fit all the words in, but he nailed it. The song is included on Meat Loaf's 1996 "Live Around the World" album, and he still does the song in concert sometimes; check out https://www.youtube.com/watch?v=8a6cczhh6u4 to see an excerpt from a 2011 concert.
For lyrics, video clips (including "Hot Patootie" in Spanish and Meat Loaf singing it live at the 15th anniversary, hit: http://www.rockymusic.org/tags/Hot+Patootie.php