I found some lyrics resembling this, but no artist (as the source is no longer available on the net):
Put on your lace and your underpants,
Terry will show you a brand new dance
Don't worry babe, I won't trip or fall
Everyone's in love at the Player's Ball
Maybe these will help to find the artist and name of the song
as you gave no information about the style of the song:
In 1993, rap duo Outkast debuted with their song "Player's Ball" but references to the actual Ball itself were fleeting. Video
Forget about Outkast
What about this?
Mazarati - Player's Ball
http://www.youtube.com/watch?v=JEw6B5XfbD4
It even has the lyrics I quouted above!