Lyric discussion by PinkBarrett 

Cover art for Careful with That Axe, Eugene lyrics by Pink Floyd

ch0gan is most definitely correct, it is about an axe-murder. But one thing, I feel that the slow, quiet part is a killer and someone he knows sitting down and having a silent, sort of awkward moment. Then Eugene grabs an axe, not knowing what's going on, the victim says "careful with that axe, Eugene." The intense part is the actual killing.....blah....blah....blah