To Yoda and daschrier:
I always took that song to be mocking the racist slurs that black men are all going to sleep with and rape all the women. I mean, it's the 1950s and you have a black man singing about some guy who runs around town chopping up people's wives. I think, back then, a lot of white people thought that that was all black men amounted to, and I think it's making fun of that. In fact, I'm almost POSITVE that that's what the song is about. Yeah, it's sexual.
PS: That's only Part 1 (hence the, "turn this record over" comment), the second part continues the story. Google for lyrics.