The song lyrics were written by the band Van Halen, as they were asked to write a song for the 1979 movie "Over the Edge" starring Matt Dillon. The movie (and the lyrics, although more obliquely) are about bored, rebellious youth with nothing better to do than get into trouble. If you see the movie, these lyrics will make more sense. It's a great movie if you grew up in the 70s/80s you'll definitely remember some of these characters from your own life. Fun fact, after writing the song, Van Halen decided not to let the movie use it.
I'm beginning to hear voices and there's no one around
Now I'm all used up and I fee so turned-around
I went to church on Sunday and she passed by
And my love for her is taking such a long time to die
God, I'm waist deep, waist deep in the mist
It's almost like, almost like I don't exist
I'm 20 miles out of town, Cold Irons bound
There's a wall of pride high and wide
Can't see over to the other side
It's such a sad thing to see beauty decay
It's sadder still to feel your heart torn away
One look at you and I'm out of control
Like the universe has swallowed me whole
I'm 20 miles out of town and Cold Irons bound
There's too many people, too many to recall
I thought some of 'em were friends of mine
I was wrong about 'em all
Well, the road is rocky and the hillside's mud
Up over my head nothing but clouds of blood
I found my own, I found my one in you
But your love just hasn't proved true
I'm 20 miles out of town, Cold Irons bound
20 miles out of town, Cold Irons bound
Well the winds in Chicago have turned me to shreds
Reality has always had too many heads
Some things last longer than you think they will
Some kind of things you can never kill
It's you and you only I'm thinking about
But you can't see in, and it's hard looking out
I'm 20 miles out of town, Cold Irons bound
Well the fat's in the fire, and the water's in the tank
And the whiskey's in the jar, and the money's in the bank
I tried to love and protect you because I cared
I'm gonna remember forever the joy we've shared
Looking at you and I'm on my bended knee
You have no idea what you do to me
I'm 20 miles out of town Cold Irons bound
20 miles out of town, Cold Irons bound
Now I'm all used up and I fee so turned-around
I went to church on Sunday and she passed by
And my love for her is taking such a long time to die
God, I'm waist deep, waist deep in the mist
It's almost like, almost like I don't exist
I'm 20 miles out of town, Cold Irons bound
There's a wall of pride high and wide
Can't see over to the other side
It's such a sad thing to see beauty decay
It's sadder still to feel your heart torn away
One look at you and I'm out of control
Like the universe has swallowed me whole
I'm 20 miles out of town and Cold Irons bound
There's too many people, too many to recall
I thought some of 'em were friends of mine
I was wrong about 'em all
Well, the road is rocky and the hillside's mud
Up over my head nothing but clouds of blood
I found my own, I found my one in you
But your love just hasn't proved true
I'm 20 miles out of town, Cold Irons bound
20 miles out of town, Cold Irons bound
Well the winds in Chicago have turned me to shreds
Reality has always had too many heads
Some things last longer than you think they will
Some kind of things you can never kill
It's you and you only I'm thinking about
But you can't see in, and it's hard looking out
I'm 20 miles out of town, Cold Irons bound
Well the fat's in the fire, and the water's in the tank
And the whiskey's in the jar, and the money's in the bank
I tried to love and protect you because I cared
I'm gonna remember forever the joy we've shared
Looking at you and I'm on my bended knee
You have no idea what you do to me
I'm 20 miles out of town Cold Irons bound
20 miles out of town, Cold Irons bound
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"There's a part - 'Cash in now honey, cash in Miss Smith.' Miss Smith is my Mother; our last name was Smith. Cashing in when she cashed in her life. So... she decided that, to her... at that time, she was desperate. Life wasn't worth it for her, that was her opinion. Some people think, never take your life, and some people find that their life isn't worth living. She was in love with my Dad, and my Dad was not faithful to her, and it broke her heart. She was very desperate and she did something that I know she regrets."
Or, think about this is how a man creates a hell for himself, then trying to escape, well there is no escape without cold irons bound when he has to return to his failure.