Lyric discussion by nosebleed 

Peter said in a somewhat recent live performance (one you can stream from his site, I think) that this is a song about jealousy.

It makes sense if the shock is finding out about a lover, particularly given the expression "spank the monkey", so this time it's not about masturbation, the monkey's been shocked by something a partner has done. "Don't like it but I guess I'm learning" is nice because it relates both to animal experimentation & discoveries about a relationship.

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