George and Ira Gershwin wrote "Embraceable You" in 1928 and Sinatra recorded it several times.
Here's the '40s version. It starts to swing just a little in the middle:
Very nice, but I prefer the 1960 Riddle arrangement from Nice 'n' Easy, with "silk and laceable" replaced with "irreplaceable":
So what's up with the lyrics? Judging from this, it seems the song was originally written as a back-and-forth between a man and a woman, with a set of lyrics tailored for each, but we'll let Mark Steyn sort that all out when he gets around to this song.