Considering the content of the game itself and the design (as stated above, mock-lullaby), there could be a religious significance to the song; if God was defined as a woman in Silent Hill 3, and Walter Sullivan is the vehicle (or is the actual personificaton of) the Devil himself, then for all we know this could be a song from Walter to Alessa, or from the Devil to God as the "21 Sacraments" are being completed. That's just my uneducated guess, lol
Considering the content of the game itself and the design (as stated above, mock-lullaby), there could be a religious significance to the song; if God was defined as a woman in Silent Hill 3, and Walter Sullivan is the vehicle (or is the actual personificaton of) the Devil himself, then for all we know this could be a song from Walter to Alessa, or from the Devil to God as the "21 Sacraments" are being completed. That's just my uneducated guess, lol