What does I.L.F.Y.A.I.T.G.R.S.T.W.Y.W.I.M.C mean?

I.L.F.Y.A.I.T.G.R.S.T.W.Y.W.I.M.C is lyrics from a song by Queen called Good Old Fashioned Lover Boy.
" I'd like for you and I to go romancing, Say the word your wish is my command."

When you eat dirt for the first time and leave your family to build a shack in the woods