I don't know the song but when I was searching for it, what came up most was "Making Love Out of Nothing at All" by AIR SUPPLY. You might've just seen Aeros Smith's cover but I think the original is by Air Supply. Yes, it's a very good song. If you want to know what it means, you have to read all the lyrics. The meaning comes out in the middle of the song:

I know just how to whisper
And I know just how to cry
I know just where to find the answers
And I know just how to lie
I know just how to fake it
And I know just how to scheme
I know just when to face the truth
And then I know just when to dream
And I know just where to touch you
And I know just what to prove
I know when to pull you closer
And I know when to let you loose
And I know the night is fading
And I know the time's gonna fly
And I'm never gonna tell you everything I've gotta tell you
But I know I've gotta give it a try
And I know the roads to riches
And I know the ways to fame
I know all the rules and then I know how to break 'em
And I always know the name of the game
But I don't know how to leave you
And I'll never let you fall
And I don't know how you do it

Making love out of nothing at all
Out of nothing at all, out of nothing at all
Out of nothing at all, out of nothing at all
Out of nothing at all
Making love out of nothing at all

Everytime I see you all the rays of the sun are
Streaming through the waves in your hair
And every star in the sky is taking aim at
Your eyes like a spotlight
The beating of my heart is a drum, and it's lost
And it's looking for a rhythm like you
You can take the darkness at the pit of the night
And turn into a beacon burning endlessly bright
I've gotta follow it 'cause everything I know
Well, it's nothing 'til I give it to you
I can make the runner stumble
I can make the final block
I can make every tackle at the sound of the whistle
I can make all the stadiums rock
I can make tonight forever
Or I can make it disappear by the dawn
I can make you every promise that has ever been made
And I can make all your demons be gone
But I'm never gonna make it without you
Do you really want to see me crawl
And I'm never gonna make it like you do

Making love out of nothing at all
Out of nothing at all, out of nothing at all
Out of nothing at all, out of nothing at all
Out of nothing at all, out of nothing at all
Out of nothing at all

You can take the darkness at the pit of the night
And turn into a beacon burning endlessly bright
I've gotta follow it 'cause everything I know
Well, it's nothing 'til I give it to you

I think what he is saying is: he knows so much about life but he doesn't know what love is and he is lost without her because when he is with her he can feel what love is.

He knows so much yet everything he knows is nothing in comparison to what she knows because she is such a simple person and all she knows is how to love him - and that's better than everything he knows. Everything he knows won't get him anywhere whithout her because she is his guiding light. She can take the darkness at the pit of the night and turn into a beacon burning endlessly bright. Also, everything he knows is useless because if she leaves, life is meaningless, everything he knows is meaningless: everything I know well, it's nothing 'til I give it to you.

Lastly, when he says," ...and I don't know how you do it, making love out of nothing at all..." it implies that he doesn't know what love is. So far, up to the point where I highlighted in blue above, he has been saying he knows 'this' and 'that' - but all of a sudden he gets to a point where theres one thing he doesn't know, how she does what she does ("...and I don't know how you do it, making love out of nothing at all..."), and that is what she knows: LOVE. What he is simply saying is "You are the one who taught me everything I know. If you leave, you will be taking everything with you and life will be meaningless. I will be lost without you because if you leave, I will once again know nothing."

If you take the phrase "Making Love Out of Nothing At All" and use it by itself, the meaning is a little bit different. It would be, "be simple and just love,' or as a friend said to me once,"when it comes to girls, it's not about mathetimatics." Don't try to love so hard and just love. Don't be a 'know it all' and simply make the person you love feel appreciated and wanted. To answer your question, "the meaning of the phrase lies in the poem."

Hope this helps.