Red Hot Chili Peppers - Give It Away Lyrics Meaning

The song has two major intentions: First, to talk about the excesses of mankind. Their video is a visual representation of lust and greed. Their bodies are painted gold to symbolize material wealth whilst their movements and vulgar camera angles are meant to demonstrate how mankind so readily objectifies, sexualizes, and perverts the beauty of the human body.
To "give it away," in this sense, means to free yourself of the evils of greed by giving away material wealth.

Secondly, and most importantly, this song and the accompanying video send a message about giving not only material wealth away, but, as another poster has already mentioned, but rather love. Love is what one should ultimately give away freely.