@RabdyF and everyone else.
Meatloaf would do anything for love but I won't do that.
Does anyone know what "that" is, I've been trying to figure it out for 30 years.
But I'll never stop dreaming of you every night of my life
No way
And I would do anything for love
Oh I would do anything for love
Oh I would do anything for love
But I won't do that
No I won't do that
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Let's use this an the example.
There are multiple statements made in the song followed by a reprise of "I will do anything for love". Repeating "I will do anything for love" makes the song confusing if you aren't paying close attention. Pretend there is only one, "I will do anything for love", and it will make more sense. In the above stanza, he is saying he will " never stop dreaming of you every night of my life no way". He will do anything for love but stop dreaming of her every night of his life.
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It is easier to see at the end of the song, because the writer has "I won't do that", two times before the three times saying "I would do anything for love." ie: he won't be screwing around on her.
Sooner or later you'll be screwing around
I won't do that!
No I won't do that!
Anything for love
Oh I would do anything for love!
I would do anything for love!
But I won't do that!
No I won't do that...
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There are a number of different "thats" like this in the song. Hope this helps explain what "that" means.