Lyric discussion by JoeNess 

Cover art for Pull Out lyrics by Death from Above 1979

I agree that it's about ejaculation, but he's not talking about himself doing it. Perhaps he's referring to female ejaculation, given that he wants "to get her off" and when she's about to come, he pulls out and turns on the lights so he can see it happening (letting her spirit free). Hey, whatever does it for the guy.