And we're gonna spite our noses right off of our faces
In a song full of idoms, here's one more, though this one had some wordplay done.
The idiom is: "Cut off your nose to spite your face", meaning to hurt yourself in an effort to punish someone else. Sounds like an odd thing to do, but ... people do the darndest things.
So the wordplay here changed the meaning of the original. It doesn't mean much in itself, but it leads into the wonderful next line about big old hearts dancing in their eyes.