The first step is to get into the right mindset. Swing your arms and loosen them up as you hop from one foot to the other as a monkey would. There is no need to make monkey sounds, so calm down. Remember to take your time learning the different steps and practice as much as you can.
As for the dance itself, it is fairly simple. Raise one arm up in the air while your other arm should be in such a position that the hand is in your arm pit. This is where your commitment or lack thereof to personal hygiene pays off or comes back to bite you in the Funky Monkey.
Bend both knees with your feet extended outward and hop from one foot to the other. Find a rhythm and try to feel the music. Match your motion to the beat of the music. This may seem awkward at first but once you get in to it, you will start to get the hang these moves.
Hopping in a circle is also a popular move in the Funky Monkey dance, so try that but in moderation, you do not want to be throwing up on the floor or feeling dizzy. Remember to let loose and have a good time.
There is also a particular move in the Funky Monkey dance called, peeling the banana. Basically take a banana and begin peeling it while you dance. You may eat the banana if you wish to regain some energy and then drop the peel on to the dance floor. This drives the lady funky monkey dancers crazy.