Turns out, it's not actually about looking for someone named Amy. Read the song title aloud. (We'll wait for you...)
Done? Yes. It sounds like she's spelling the F-word. The chorus itself is a masterwork of subtlety only seen previously in such places as behind the shed on an elementary school playground.
It's obviously not the first time someone has slipped a little profanity into a song, or even the first time it's been spelled out--remember Van Halen's "For Unlawful Carnal Knowledge"? Good times.
"But all of the boys and all of the girls are begging to if you seek Amy."
MTV News has a bit more on the subject.