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Patti Smith – Wave Lyrics 12 years ago
It's about Pope John Paul I waving from his balcony - It's dedicated to him, and states as much in the lyrics.

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Bruce Springsteen – Backstreets Lyrics 16 years ago
I think it's about an old drug buddy.
"Tying faith between our teeth" sounds like a reference to shooting heroin, and the first few verses seem to be about hanging out on the backstreets of town, living in a squat, and staying out all night getting wasted with the freaks of the late '60s/early '70s New York area.
"When you went away" could be a reference to the guy dying, and I can't help feeling that the he OD'd and Bruce is trying to reconcile their youthful rebellion with the cold hard facts of life.
Maybe that's just me, though.

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