In the innocent summer days of 2001, this was the pressing topic occupying CBC Radio's show As It Happens. Listeners were asked for the last line of the chorus:
You know it's all right. It's OK.
I'll live to see another day.
We can try to understand...
You can hear their suggestions and the correct answer in this RealAudio clip. As a bonus, catch a Stayin' Alive parody at the 4:53 mark.
For more details, see here (after you listen!).
What those lyrics mean is a far greater mystery....
Update (31 Jan.): Thanks to Reb Yudel for digging up the Bee Gees' Israel connection. Who knew?