Steven Tyler: 'I Ride the Sexual Energy'

Steven Tyler is on top of the world with a new fiancée, the return of American Idol and a new album in the works with Aerosmith. The veteran rocker sits down with our Nancy O'Dell to "kiss and tell."

"I flirt a lot, I guess you could say," says "ex bad boy" Steven. "I ride the sexual energy."

MORE: Steven Tyler is Engaged!

Steven's lucky lady is 38-year-old Erin Brady, whom he has been dating since 2006. Steven is 63 and this will be his third trip down the aisle. So, why did he decide that this is the right time to tie the knot?

"What with Idol and so many things going on in my life -- my mom passing away, my dad, the kids at school; I'm taking all of these commitments, why not commit to that?" explains the Walk This Way rocker.

MORE: Steven Tyler 'Ashamed' of His Womanizing Past

Watch the video for more with Steven Tyler, including how he asked for Erin's hand, and what his daughters think of the union!

Part two of Steven's interview with Nancy O'Dell airs Wednesday on ET. Did he have his fiancée sign a prenup?