It's party music, as the title implies. It's meant to move your body, and moving your soul is optional. Although what I've heard of the Vengaboys all sounds the same, it does achieve the desired result.
The vocal "we like to party" is actually a sped-up sample from Doug E. Fresh and Slick Rick's "La Di Da Di". If you're going to quote a lyric, make sure it's actually a lyric, such as "the VengaBus is coming, and everybody's jumping, from New York to San Fransisco, and inner-city discos!"
I know the style is old now, but if you ever want to create your own Vengaboy-style track, which is pretty much the Ibiza party anthem style, all you need are a few ingredients:
1 punchy kick drum (a slightly compressed TR-909 works well)
1 bright open hihat (again, a 909 provides a nice one)
1 handclap (yet again another 909)
1 sawtooth waveform
Lay down the percussion to create a 4-on-the-floor boom tchka beat. With the sawtooth, choose three keys you will base the entire melody on. Arpeggiate the first key as 32nd notes for the first 1/4 of the measure. Arpeggiate the second key as 16th notes for the next quarter of the measure. Finally, the third key will fill in the rest of the measure as two quarter notes. Repeat ad infinitum. Mix Ibiza partygirl vocals. Serves 500,000.