The song 'Small Town Memories' is a nostalgic tribute to first love and the good old days spent cruising around in an old Chevy. The lyrics evoke a sense of longing for a simpler time, when life was all about hanging out with friends, listening to Tom Petty on the radio, and falling in love for the first time. The song captures the bittersweet feeling of looking back on the past with fondness and wishing you could go back in time to relive those moments again.