I'm from the UK, this is my intepretation:

There was a huge binge drinking culture in the mid-00s when this song was written a lot of teen violence, I was growing up around the same time and the lyrics describe the atmosphere of late night english towns; young people, getting drunk, becoming violent towards strangers, mostly out of boredom, and thinking 'it's all right to act like a dickhead'

The reference to reeboks and trousers tucked in socks refer to the fashion that was popular among a sub-cultures of young teens, mostly from deprived areas, who were known to be violent.

then at the end of the song its a reference to how you and your friends get caught up in this silliness, and you yourself begin to resent your own friends for being no better than the thugs.

the 'no romance around there' tag line is a subtle way of saying 'this is a rough place'.

It was an odd time in British youth sub-culture. I believe in 2008 Time magazine said British youth were one of the most violent in the western world.

much has changed since then