Lyric discussion by Ratboy 

Cover art for Take Ecstasy With Me lyrics by Magnetic Fields, The

Yeah, it sounds like it's about two boys who grew up together and were pretty much best friends, and as they got older, their relationship became more of a romantic one, where they got away from it all and drank together, but were criticized for it. That's one theory. While I was listening to it, I thought it was a boy and a girl who grew up together in a childish way, but as they grew up, so did their activities, and they drank and took ex together, but I guess that doesn't really fit in with "we got beat up just for holding hands", so the first one is probably more likely