Monday gonna take a ride on
The N train down to Coney Island
With the money I saved
Gonna get me engraved
Drink down a lot of Basil Hayden
Get kicked out when I can't see straight and
What an island can be on
Under the neon

gonna going to
N train New York subway line that begins in Manhattan and ends at amusement park Coney Island

engraved tattooed
Basil Hayden bourbon whiskey brand

CHORUS
Red dragon tattoo
Is just about on me
I got it for you
So now do you want me
With nothing to prove
Will you be my honey, oh yeah
In you I confide
Red dragon tattoo
I'm fit to be dyed
Am I fit to have you

I hear the man say you want to see the others
A mermaid and a heart that says mother
But I don't know from maritime
And I never did hard time
I brought a .38 Special CD collection
Some Bactine to prevent infection
And in case I get queasy
A photo of Easy Rider

CHORUS

a heart that says mother typical American sailor tattoo
hard time time in prison (though now tattoos are common in the US, in the past they were associated with sailors and prisoners)
.38 Special Big eighties Southern rock band named after a handgun – also the name of a novelty tattoo machine that looks like a gun, including real bullets. Fountains of Wayne is not necessarily referring to this particular model - tattoo machines are often called guns.
Bactine brand name of antibacterial ointment
Easy Rider Classic 1969 movie about hippie motorcycle guys starring Dennis Hopper and Peter Fonda

Will you stop pretending I've never been born
Now I look a little more like that guy from Korn
If you came a little bit closer
You'd see it isn't painted on
Oh no no no

CHORUS

Korn hardcore rock band whose members have many, many tattoos