I think this song is about a guy who tells his girlfriend about a rumour/story being spread about her brother. It sounds like he was taken out of school (or kicked out) ("Her brother started school, Again today, a thought to pass the time"). Maybe he was picked on. Once she hears this, she leaves him to go exact her "revenge" or "settle the score" with the person(s) that did this.
The rest of the song is the guy sitting by himself and waiting for her to get back (the tenses shifts from "She slips into the night, and she is gone" to "She slips into the night, and she was gone").
Also as he waits, he wonders whether it was a good thing to tell her at all ("Down in the basement, listening to the rain, Thinking things over. I think it over again").
Okay, this is "out there" but here it goes:
I think this song is about a guy who tells his girlfriend about a rumour/story being spread about her brother. It sounds like he was taken out of school (or kicked out) ("Her brother started school, Again today, a thought to pass the time"). Maybe he was picked on. Once she hears this, she leaves him to go exact her "revenge" or "settle the score" with the person(s) that did this.
The rest of the song is the guy sitting by himself and waiting for her to get back (the tenses shifts from "She slips into the night, and she is gone" to "She slips into the night, and she was gone").
Also as he waits, he wonders whether it was a good thing to tell her at all ("Down in the basement, listening to the rain, Thinking things over. I think it over again").