For Erminie

My Interpretation on this is that the narrator in the song used to be with a girl that he loved so much and but during that time he was one of the cool guys at school that lived freely(partying and alcohol, etc.) and he wasn't really able to get over his former glory. on the other hand, his girlfriend/ex matured, and started thinking about their future and got a job/career. and since he became much like an alcoholic bum of a sort, he got jealous with the girl having to work all the time having no time for him so didn't felt like "he mattered to her". somewhere in there, they broke up. so one night he went to her place all drunk so he's got this "too drunk to drive" excuse to stay. Trying to somehow patch things between them by telling her that she was "the best he ever had" and that he's really sorry for having "blew up" their relationship years ago, or else they'd still be together. On the second verse he was trying to tell her that all he really want is to be with her and that he has somehow improved that if she'd take him back, he'd no longer drink and sleep around and if she'll accept that he's still in the process of picking himself up and not to expect a great make over, then she might not be let down. The chorus is his way of telling her that they can still do what they used to find exiting or an adrenaline rush and that by doing so, even if the past is gone, they might still be able to pick-up some of the pieces of their past and replace their past failures with a renewed love to take it's place. The last part he says, "she took my heart", means he never got over her and probably never will. The line "there's only one thing I couldn't start", means that he couldn't actually start the conversation with her because he was too drunk to think straight and all of these words were just running inside his head and these were all the things he wanted to tell her.

Warren wanted a Beach Boys thing for this one, and Carl Wilson and Billy Hinsche came in, with Carl arranging the vocal parts. The other harmony vocalists (credited as the "Gentlemen Boys") were Jackson Browne, J.D. Souther, Zevon's longtime backers Waddy Wachtel and Jorge Calderon, and Linda Rondstadt/Stone Poneys guitarist Kenny Edwards.

He certainly did earn that reputation.

Like a lot of the other comments are saying, I think this mainly about voyeurism. If the song was about his girlfriend, then why would he use the word spy. If you are a spy it means you shouldn't be caught, that is kind of the whole point, and if you are a voyeur, the whole point of the pleasure you get from it, is the fact that the other people don't know you are watching them. See a bit of a connection there?

This song is def a twin to "Unfair" (a song she has been quoted as saying is about falling in love with someone who is already in a relationship) so it is presumably about the same person. Given the references to buying an apartment and not being able to see her love interest "after tonight," it's most likely that she's moving away and she'll "wait a day to break the bad news" (i.e. notifying him that she's leaving once she's already gone). And, of course, the fact that she sees in him a fellow "idealist" and "dreamer" (terms commonly given to people with the INFP personality on the Myers–Briggs Type Indicator (MBTI)) portends that she'll always be left wondering if they would've been perfect together.