I won't say his name
Could have had anyone, he didn't
What do you think could make him stoop so low?
Stick his hands in my life
What on Earth could make him stoop so low?
Stick his cock in my wife
What on Earth could make him stoop so low?
I'd like to see his face
I'd like to put him up there in one
Blow him up into space
He'll fertilize the rice in China
With the cinders of his remains
On an island or an archipelago
or a peninsula, or an isthmus, or a fjord or
an inlet, or even a mountain
Print up stamps and money there
and they'll all have Oswalds face

The narrator is pissed off at someone and wants him to go into a spaceship and blow up.

The narrator is pissed off at someone and wants him to go into a spaceship and blow up.

the lyrics aren't metaphorical...this song and prayer to god are both tributets to his wifes infidelity.

For some reason, I get the hint that the man who cheated with Albini's wife is named John Kennedy. There are clues in some of the other songs.

Cape Canaveral was re-named Cape Kennedy and then changed a while back. Um, I guess McCoy is probably right.

Not to mention, he talks about the money of his island and how it will "all have Oswald's face." Pretty funny...

I'm pretty sure this song is about Kennedy sleeping with an astronaut's wife while he's out in space. That would connect all the space references to the rest of the song.
I seem to recall a story about this being based on either actual events, or an apocryphal story about Kennedy's philandering.

From Steve Albini himself.
"John F. Kennedy, from the perspective of a regular guy whose wife Kennedy fucked.
Seems pretty obvious to me, but then I wrote it."