GIVEN that songs are famous for not making sense, and not following standard grammar, and... ;^)
I think it actually means 'this is not a case when I am just driving by/cruising'.
In other words, I am not 'window shopping' - I am looking to commit.
You could also say it as 'this is not a drive past'.
I don't know much about grammar, but don't think it is actually a phrasal verb - more a phrasal noun maybe?