The short answer is no. It should have been “you and me.”
Here’s the long answer:
This topic deals with subject pronouns and object pronouns.
Therefore, if “you and I” are performing the action, it should be “you and I”:
- “You and I are best friends.”
- “You and I are supposed to work together.”
- “You and I crossed the finish line at the same time.”
(TIP: Never use “you and I” at the end of a sentence.)
If “you and I” are receiving the action, it should be “you and me”:
- "The teacher picked you and me as study partners.”
- "My parents will give you and me a ride to school today.”
- "John promised to take you and me to Disneyland.”
(TIP: Never use “you and me" at the beginning of a sentence.)
Anon, we’re glad that you trusted your instincts to find out whether the song lyrics were grammatical.