Lyric discussion by hemlock_echo 

Cover art for Fight Test lyrics by Flaming Lips, The

The song is about a relationship with a girl. At some point she was either going to go with the singer or the other guy and the singer decided to just step back and let her decide, thinking that she'd eventually chose him. But she doesn't.

I think the ironic thing about the song is the line "If I could I would but you're with him now it'd do no good". The whole song is about how he should have tried harder for this girl, but then he is still making excuses and refusing to try. I don't know if that's intentional or not, but I always thought it was funny.