Oye como ya, Peligro!
Bueno, vamos a bailar.

Loose translation: Hey, how's it going? Danger! Good, we're going to dance.

The story:

As a project in 9th grade Spanish, we had the task of interpreting songs from Spanish to English and vice versa. I had always liked this song, but couldn't for the life of me figure out the lyrics. My friend and I listened to it over and over and this is what we came up with. We got an A, but our teacher told us the correct lyrics. There are some other pretty creative interpretations on here too...