I've always thought that Discotheque is actually a deeper song lyrically than it seems at first blush...
"You know you're chewing bubblegum. You know what that is, but you still want some. You just can't get enough of that lovey-dovey stuff."
To me, this has always referred to someone who is looking for true love, but settling for casual romantic encounters, the type of relationship you would find by hooking up in a discotheque.
The person knows that these relationships are "bubblegum;" momentarily pleasurable, but ultimately not satifying his/her "hunger."
The lines "You're looking for the one, but you know you're somewhere else instead," seem to echo this same emotion from the chorus.
I've always thought of it as a sad song about a person who wants true love deep down, but is caught in a world (the club scene?) where casual romance is the norm, and settles for these fleeting relationships because to him/her they are better than nothing: "But you take what you can get, 'cause it's all that you can find. You know there's something more, but tonight, tonight, tonight..."
The irony of the song is that it, like the protagonist, seems happy and upbeat on the surface, but in reality has an underlying sadness.
Don't you think those emotions really come through in the video?