The song with the same name, written for the movie, was written and performed by Oingo Boingo.
Warning: Wikipedia contains spoilers
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 magical 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 a lesson and gives Gary and Wyatt self-confidence. They get girlfriends and Lisa, happy for them, disappears.
wikipedia.org dumped 2003-03-17 with terodump