It's probably worth pointing out that from everything I've heard about Studio 54, it sounded fucking horrible - elitist, sceney, etc, etc. I love the story that "Le Freak" was written after being refused entry - "Freak out" was originally "Fuck off!", directed at the bouncer.
Let's see if I can find the story:
Rodgers and Edwards wrote this after they were not allowed to enter a nightclub. It was New Year's Eve, 1977, and they were invited to Studio 54, a very popular club in New York City where many celebrities and trendsetters were known to hang out. A singer named Grace Jones wanted Rodgers and Edwards to do some production work for her, and asked them to come down to the club as her guest. When they got there, they were not on the list, and couldn't convince the doorman that they were the group Chic. All dressed up and nowhere to go on New Year's Eve, they left and started writing this as a reply to the doorman. They called it "F__k Off," but when they decided to record it, they changed it to "Le Freak" and made the opening lines "aaaahh Freak Out!" instead of "aaaahh F__k Off!" They ended up not working for Jones, although Rodgers produced her comeback album in 1986.