The speaker tells a short, embarrassing anecdote in a deadpan, offhand voice. He says he lured a woman out to watch the sunset, though she replies that she had already seen it. On the walk back, he lifts her skirt and smacks her on the behind, a playful, teasing gesture that he calls "likely enough." The punchline arrives in the last stanzas: he hadn't realized she was wearing nothing underneath, and the neighbors, who had also come out to watch the sunset, saw everything.
The speaker seems half-sheepish, half-amused, as if he's still working out how a harmless joke went so wrong. The mood is light, cheeky, and a little awkward. The poem's short lines and sudden line breaks (like "Set. Yes, as") mimic the way the story unfolds, with each reveal landing just after a pause. The title, "It All," quietly winks at how much got exposed.