This song is all about riding motorcycles - "Saddle iron horses of chrome"
"Only to fly where eagles dare, And the night she whispers" - not everyone is brave enough to ride motorcycles. And he loves to so much that the hears the night call him to ride.
"Here's to lovely ladies and a million miles" - a toast with his biker buddy to all the women they have pleasured and all the miles they have ridden. And many more to come.