You want to just laugh at the lyrics/title, but it's actually a darned good song. It's a sad, sentimental song too...as I think all of us knew a person in high school who probably comes close to fitting this description. As sad as it is funny though, since you know what those women (who fit that description) must be dealing with emotionally.
Not a lot of people have the guts to write a song as sentimental as this and give it a name as crude as The Town Crotch. Sure it's funny, but there's a distinct sense of realism; I think most of us can relate to it on some level.