Guilty of the crime that's now in hand
Such a nice day
Throw your life away
Such a nice day
Let it go
Cold, this heart is slow
Heart is slow
Such a cold heart
Such a cold man
Watch you tear your self apart
My soul to give
So lay me down
The longest sleep
Oh, the longest sleep
Here we are again now, place your bets
Is this the time
The time to win or lose
Is this the time
The time to choose
So deep inside a cold fire
Cold, this heart is slow...
Won't you do it now
That's right, just keep me going
You come the right track
Cartoon cutout
Cut throat bled out
I'm on your side
Be on the both side
I'm alright Jack
You get off my back
I'm no dope
I give you hope
Here's the rope
Here's the rope
Now...swing away

Might be about a murder as it happens, playing on the Dostoevskyian theme of "Crime and Punishment" where the guilt consumes, also echoed in Cornell's "You Know My Name" with the line, "If you take a life do you know what you will give, odds are you won't like what it is". Bono's outspoken feelings on the troubles are a common theme for him. I suspect this is related. The phrase "longest sleep" has no ambiguity in it whatsoever, that means death.
Guilty of the crime that's now in hand Throw your life away
Cold these eyes, Cold, this heart is slow Heart is slow
Call me Such a cold heart Such a cold man Watch you tear your self apart
So lay me down My soul to give So lay me down The longest sleep Oh, the longest sleep
[Edit: Second typo]

yeah it sounds to me like a love gone bad, almost to the point killing himself or killing his former lover. maybe, who knows. bono is so ambiguous sometimes im not sure even he knows what he means.

i remember back when the album was just relelased my sister told me she read a bono interview and he said it was about drugs. i guess its how you can feel so crappy you might want to end it all.

Written from the perspective of the conscience of a heroin addict.
The good side pleads with the addict to clean himself up. The bad side tells the addict to commit suicide.

Opening with an allusion to Lou Reed's Perfect Day (such a nice day to throw your life away), this is the story of suicide. Of the clarity (or depravation) of mind prior to taking the final step. Seeing himself from the outside. Saying his final bedtime prayers, before the "longest sleep." Bargaining with himself, before hanging himself. Here's the rope - swing away!

yeah Im pretty sure most of the song is about someone talking about wanting his friend to get off a drug or something. "call me such a cold heart...watch you tear yourself apart" could be the the friedn saying you can call me anything u want but im not going to watch you kill yourself
i think the "drug doer" talks alittle too "innocent and in a sence i am/guilty of the crime thats now in hand"

I agree with some of the comments that it could be about drugs, but I think it's more about having a close friend or lover who's suicidal quite often.
"Innocent and in a sense I am/Guilty of the crime that's now in hand"-he wants to help his friend but is having a hard time doing it. "Such a nice day...let it go"-a sarcastic comment about how it's a nice day to die "Call me...Watch you tear yourself apart"-here he feels bad for trying to get help for his friend/lover since he/she doesn't want any, but he can't stand to lose him or her "Is this the time/The time to win or lose?"-are they going to survive this time, or will it be over? "Cold, this heart is slow"-his friend is still alive, but doesn't feel like they're not "Anytime...just keep me going"-Even if the person dies, he'll still be changed by what his friend had done over the years "Here's the rope, here's the rope, now swing away"-he is basically saying that he feels powerless to help his friend, but he doesn't want him to die
This is a very personal song for me, and this is just my interpretation. My best friend (ironically named Jack) has attempted suicide several times, and this song describes my feelings perfectly.
@dsdoak I am not sure if 'suicide' is really the central theme here. After all, no one close to Bono - or anyone in the band, as far as I know - has ever taken their own life. On the other hand, the band probably DID know people who have taken heroin (note "Bad"). Would a person trying to talk someone out of suicide say "Here's the rope?" I hardly think so! Also note the whole rhythym of the number - the headlong rush, kind of a musical equivalent to the 'rush' of drug...
@dsdoak I am not sure if 'suicide' is really the central theme here. After all, no one close to Bono - or anyone in the band, as far as I know - has ever taken their own life. On the other hand, the band probably DID know people who have taken heroin (note "Bad"). Would a person trying to talk someone out of suicide say "Here's the rope?" I hardly think so! Also note the whole rhythym of the number - the headlong rush, kind of a musical equivalent to the 'rush' of drug use, then the sudden, abrupt ending - alluding to death from overdose ("The longest sleep"). That is my take on it, anways.

I've been listening to this song over and over again. It's very intense, frantic in mood. I see it as being related to a drug trip, drug addiction. In any case, it's a fantastic piece of music and lyrics combined.

All these years I might have gotten the lyrics wrong, but I'd like to offer them as a unique take.
I hear the opening as "innocent of innocence I am", which also means guilty. This part is a quibble but I hear "such a nice day to throw your life away".
At the end I always thought it was "I'm on dope. I give you hope. Use the rope. Use the rope. Give me my cigarette." Like he's a condemned man.
Owell just some right thoughts about wrong words :-P. It's so hard to unhear what goes in during youth!

I'm not really good at this, but could it be about wanting to die? Amazing song, anyway.