Lyric discussion by nullportal 

Yeah Drive a million miles down the PCH/

The PCH is a well known acronym for The Pacific Coast Highway. The PCH is the main road into and out of Malibu, which is another Love lyric which probably ties in with this use here. Technically, the PCH is the same highway that extends all the way up the Pacific Coast into Washington and you can drive it up to Seattle. A number of grunge works make reference to this highway for various lyrical purposes.

And now he's gone / I slashed his tires, I bled his brakes /

"Malibu" opens with the lyric "Crash and burn", interestingly enough.

It had to be done / Their hand-job lives were just too cruel /

I would understand this largely to refer to the enormously phony or nongenuine ("hand job") cultural mileau that is the Hollywood movie and music business - whose main colony is often considered to be Malibu.

(But) mercy was done / We drowned them all in their swimming pools / Run away, run away, run away yeah

Leave the phony Hollywood ethos behind, and run away. This again is reminiscent of the ethos of punk, which the song elsewhere references with its "three chords in your pocket tonight ... bring my punk rock back" - three chords being a staple musical device of punk. Punk in LA was centered in Hollywood, ironically, because that's where the run down venues and seedy atmospheres that would host these acts in their formative days could manage to play given their lack of financial clout and limited audiences.

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