Ok I think I have this video mostly figured out - it’s the late 70s, and it’s the end of school/graduation. The young dancing girl is excited for school to be over, the woman on the phone is her young stepmom/father’s young girlfriend. She is on the phone with her coke dealer because she is planning a fondue party for the young girl and she wants some blow for the adults during the party.
The woman who is the Farrah Fawcett wannabe is the best friend/neighbor who barges in when she wants (like Walona from Good Times) and she is only interested in the blow. She is a bit younger than the woman on teh phone so she tries to hang with the younger dancing girl to show she is cool.
The 10 year old kid is the kid that everyone forgets still loves there. The other women are early for the party and just wanted to see if they could score. The dad who is paying for all of this just wakes up from a sleep (it is mid-aftertoon after all) and realizes there is no food in the fridge or freezer and just takes what’s on the counter.
At the end the three girls promise to remain friends forever.
Oh yeah, the song is pretty good.