4HLT - from Wikipedia
Perceived ambiguity of "that"
Each verse comprises two things that he would do for love, followed by one thing that he would not do. It is that latter part of each verse that is the "that" of the title. However, some people misunderstand the lyrics, claiming that the singer never identifies what the "that" is which he is unwilling to do.[9] Steinman predicted this confusion during production.[10] An early episode of the VH1 program Pop-up Video made this claim at the end of the song's video: "Exactly what Meat Loaf won't do for love remains a mystery to this day."[11] A reviewer writing for Allmusic also misunderstood the lyric, commenting that "The lyrics build suspense by portraying a romance-consumed lover who pledges to do anything in the name of love except "that," a mysterious thing that he will not specify."[7] While the reviewer concludes that the mystery is revealed during the closing stages of the song, it is not observed that "that" is revealed in every chorus throughout.

Although some people assume that "that" is an exophoric reference to a sex act,[12] it is actually an anaphoric reference to the varying activities and feelings that are specified as antecedents in the lyric that the singer says that he won't do.

Jimmy always said, "You know what? Nobody's gonna get it." And he was right.
Meat Loaf[10]
"I'll never lie to you ..."
"I'll never forget the way you feel right now ..."
"I'll never forgive myself if we don't go all the way tonight ..."
"I'll never do it better than I do it with you ..."
"I'll never stop dreaming of you every night of my life ..."
In addition, the female vocalist identifies two other things that the lead singer denies that he will do: "You'll see that it's time to move on" and "You'll be screwing around." To both of these, the lead singer emphatically responds, "I won't do that! No, I won't do that!"

Meat Loaf says that the question "what is 'that'?" is one of the most popular questions he is asked.[12] In his 1998 VH1 Storytellers special, he even explained it on stage using a blackboard and a pointing stick. In a 1993 promotional interview, Steinman states that the definition of "that" is fully revealed in the song in each of the several verses in which it is mentioned.

It's sort of is a little puzzle and I guess it goes by - but they're all great things. 'I won't stop doing beautiful things and I won't do bad things.' It's very noble. I'm very proud of that song because it's very much like out of the world of Excalibur. To me, it's like Sir Lancelot or something - very noble and chivalrous. That's my favorite song on the record - it's very ambitious.[13][14]
(Eds Meds Mathskillz=1,Socialskillz=0, Tue 12 Aug 2008, 10:28, Reply)