Aha! Can't fool the DJ with that one, even with misspelled words.
It's from a band called Bowling for Soup and it's a happy little tune called "Girl All the Bad Guys Want," which happens to be Track 3 on their latest album entitled "Drunk Enough to Dance." If I recall correctly, the line in question comes after a line that says something like "she's a rocker with a nose ring."
So, using logic and just a hint of calculus, I'd deduce that a "two-way" has something to do with the nose ring. But since the singer himself professes not to know what that term means, I don't think it's anything to worry about if you don't know the meaning either. Cheers!
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