Please paraphrase or explain GOTTA FEELING song parts

Let's live it up
I got my money
Let's spend it up

( I know the above but may be related to the following)

Go out and smash it
Like Oh My God
Jump off that sofa
Let's kick it OFF

I feel stressed out
I won't let it go
(Won't she let the streess? Somewhere I've seen it as wanna let it go which makes mores sense)

Lets go way out spaced out
And loosing all control

Lets paint the town
We'll shut it down
Let's burn the roof
(Are the above known idioms?)

Easy come

Easy go
Now we on top
Feel the shot (shot=energy?, drugs?)

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Many thanks!!!