Velvet

Here's my idea:

"Watch her inhibitions falling to the floor." To inhibit means to control and refrain from showing; of emotions, desires, impulses, or behavior. So she is showing that she want's to do something with him, without hiding her emotions/desires/impulses etc.

"Notice how you lock the door" This just suggests that what she wants to do is sexual. She doesn't wanna be walked in on. She didn't forget to lock the doors. xD

"Here in this hotel room together and alone I want you to put on a show" So they are locked in a hotel room, together and alone. He wants her to "put on a show" or entertain him Do the math. He's teasing her so he can have sex with her. ;D

"What would you love to do? What would you love to say? What would you love?" He knows what she wants already. She wants to have sex with him. He just wants to hear it from her. He wants to watch her show that she wants it.

"Princess I just wanna witness. Watch you severing that velvet" He want's to watch her "sever the velvet," which, assume from the last line, "Watch you slip right out of that dress," is a velvet dress he wants her to sever, or take off.

"I won't say the word- say the word" I believe the word is sex. He doesn't wanna say that he (or she) wants to have sex. He want's to watch, or witness, her removing her velvet dress and having sex with him, rather than jumping to the conclusion that they will have sex in the hotel room together, because she locked the door. He's trying to keep her inhibitions up, teasing her, and pulling her in to still wanting to have sex with him.

"Watch you in the mirror. The way you touch yourself. Your hips to your fingertips." This is her, putting on the show for him. Showing what she wants, without saying the word. Sex.

I hope this helps clear some things up, and if this isn't true, helps spark new ideas as to what this song means.