Today I went to a website with Italian music and happened to find a newer version of this song sung as a duet. It was so much clearer, especially this little recit part in the beginning... and as it turns out, the song is about two young lovers who aren't supposed to talk to one another. Therefore they've invented "un alfabeto:" they are giving each other messages depending on which station is playing! Ex: Radio Igea says "Lontan da te mi sento morir"- "to be far from you makes me feel like dying."
When they change stations suddenly it means "Careful, it's your mother!"
How much fun is that?! Clever songs in any language make me happy.