Stacy, Madonna waiting for your momma
There was U2 and Blondie and music still on MTV
There's two kids in high school they tell her that she's uncool
But she's still preoccupied with 19, 19, 1985

The story:

So my sister and I were in her car when this song came on the radio. I was singing along when she corrected me...sort of. She said that it was "waiting for Nirvana", which was partially right. I didn't realize my further errors until I went on this site to make sure I had the correct lyrics....And I thought the song was about a high school girl who was "living in the '80s". (This from a guy who listens to '80s music!)