Hmmmm...I don't know that song. It must not be disco!
If it's midnight, there would be stars out so maybe your group could go as a constellation with each person dressing as a star. I'm thinking that could be accomplished with white, gold, or silver duct tape possibly. Maybe you could bend coat hangers to make the star structure? You could spray your hair silver and wear silver make up. One person could be the half moon that is mentioned in the song.
Other things that come to mind - sheiks, snakes and snake charmers, king tut. Our bank did a skit once to the song "Walk Like an Egyptian". You could make gold collars and black and gold head pieces.
Hope you win!