That's the great Joe Ely singing lead on the track (other vocalists on the album include John Hiatt, Rodney Crowell, Freddy Fender, Raul Malo, and Lyle Lovett), and I'm not 100 percent crazy about the liberties he takes with the melody line, but my god -- the band is just to die for. That big instrumental build-up leading into the finale is like The Who if they'd gone Tex-Mex.
Words, as I often say, fail me.
BTW, I have long been (and still am) a big fan of Phil Seymour's rather more traditional 1981 version, but I had not been aware of the video that went with it until the other day.
Phil busting a move is quite charming, n'est-ce pas?
[h/t Sal Nunziato]