Lyric discussion by mr.v 

Cover art for Cool It Down lyrics by Velvet Underground, The

i tend to agree wiith jackfour. i think lou is looking for a party in this song. papers is a reference to rolling papers and key could be as in kilo as in hard drugs, and now hes goin down to find a "lady of the night" on the corner and get his man on....if it lasts! ;)