The song is about a prostitute, who I'd like to think that AC/DC was familiar with back in the day. Lyrics explores her excessive lifestyle.
Analysis of lyrics:
Like any other good song, first introduces the subject matter. Right off the bat, we know the song is about a prostitute when you hear the first two lines. As the verse progresses, we get to know more about her - a restless, uneasy, and annoying person, which AC/DC sums up as "bitch." That's the best the way to describe such women in academia as well, in case you didn't know :-).