Lyric discussion by SnoKoneManiac 

Cover art for Absolutely Bill's Mood lyrics by They Might Be Giants

This song is about insanity. Besides the overt "I'm insane," observe the room with padded walls (the insane asylum). The rest of the song may have meaning, or may be merely deranged thoughts. One funny TMBG-style alteration of language is the substitution of "monkey's dead" for "monkey do."

The song is about Bill Krauss' state of mind during some of the recording. It's kind of like a tribute/mockery of Bill's mental state.