Don't call pretty Peggy, she can't hear you no more
Don't leave no message 'round her back door
They say the old laughing lady been here before
She don't keep time, she don't count score

You can't have a cupboard if there ain't no wall
You got to move there's no time left to stall
They say the old laughing lady dropped by to call
And when she leaves, she leaves nothing at all

See the drunkard of the village falling on the street
Can't tell his ankles from the rest of his feet
He loves his old laughing lady 'cause her taste is so sweet
But his laughing lady's loving ain't the kind he can keep

There's a fever on the freeway, blacks out the night
There's a slipping on the stairway, just don't feel right
And there's a rumbling in the bedroom and a flashing of light
There's the old laughing lady, everything is all right