Party hat and satin dress 
Silver paper curled in her long black hair 
Tapping one small elegant shoe in time 
Oh, the way she plays with them 
Smile at one, then dance with another 
Pretty soon they're forming up a line 
And she's laughing, laughing into 1939 
Oh, laughing, laughing into 1939 

Oh, the party draws them in 
It breathes and moves 
To a life its own 
In its arms it's gathering all time 
From the dark he watches her 
Moving in and out of the bobbing crowd 
If she even notices, she gives no sign 
And she's laughing, laughing into 1939 
Oh, laughing, laughing into 1939 

For tonight is New Year's Eve 
Uncork your spirits and welcome it in 
Who knows what it's got up its sleeve 
Can't wait for it all to begin 
Stand by the girl with the purple balloon 
The look in her eyes just lights up the room 
In the corner of her smile 
She'll be seeing you soon 
Under a mistletoe moon 

Out on to the balcony 
Come the King and Queen 
And the crowd go wild 
He's a little bit nervous 
But that's just fine 
And they're laughing, laughing into 1939 
Oh, laughing, laughing into 1939