I always heard it as "ripped off like a douche," which sounded very indecent, even though it makes no sense at all. Yes, "Blinded by the Light" as performed by Manfred Mann's Earth Band is my all-time longest-misheard song. I finally looked up the lyrics. "Revved up like a deuce" doesn't mean anything to me, which is why I never heard the song that way, but now at least I know what the songwriter (Bruce Springsteen) intended.
A "deuce" was a two-seater hot rod (cf. "Little Deuce Coupe" by the Beach Boys). I suppose it's now archaic slang. But I'm still puzzled, because Springsteen's original lyric is "cut loose like a deuce" and I have no idea what that means.
Here's a skit from an old Canadian comedy show about this song (apologies for the quality, but the original aired sometime in the early 90's I believe).
https://en.wikipedia.org/wiki/Blinded_by_the_Light