Lyric discussion by hornytheclown 

I think the song is about plastic surgery. The female subject wants to get it, the narrator disagrees. She says he'll feel better once it happens (and his "head is buried in her sweater" or enhanced chest).

This experience makes the narrator feel like an outcast and that vanity like the female subject displays is common practice. I think it effects him deeply and he feels out of place. I think that's what the bridge lines are showing (monkey hangers are (presumably) worst off than him, but they have a place in society.

The monkey town lines are referencing Hartlepool (see other comment) and I think the monkey drown line is referencing the monkey from the legend. Perhaps the narrator is identifying with the monkey's tale. The monkey went through arduous journey (shipwreck), but survived and ended up being hung.

The narrator might be comparing the monkey's luck to his own.

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