There's a message floatin' in the air
Come from crazy horses riding everywhere
It's a warning it's in every tongue
Got to stop them crazy horses on the run
What a show there they go smokin' up the sky yeah
Crazy horses all got riders and they're you and I
Crazy Horses
Crazy Horses
Crazy Horses
Crazy Horses
Never stop and they never die
They just keep on puffin' how the multiply
Crazy horses will they never halt
If they keep on movin' then it's all our fault
What a show...
So take a good look around
See what they've done
What they've done...
Crazy Horses... [ Lyrics from: http://www.lyricsmode.com/lyrics/d/donny_osmond/crazy_horses.html ]
Apparently the song seems to be about air pollution, where the crazy horses are the cars witch causes this. This explanation was given by one of the osmonds himself on a bbc program about musical families.