Lyric discussion by foreverdrone 

Cover art for Sieve-Fisted Find lyrics by Fugazi

yeah it does sound like it's about addiction although i think some of this language may be more metaphorical. mostly pretty straightforward though. "please let me get my hands on it" fits with the title, where the fear is that the drug you need so badly is going to run through your fingers (like a sieve) no matter how hard you try to cling to it...

"pushing past the red" might also refer to how--in many contexts--this phrase means approaching or going further than the danger zone. such as the red wedge next to the higher RPMs on a tachometer, or the red warning lights on audio equipment when the level is so high that the recording will be distorted (there are probably many other examples like these; you see gauges going "past the red" in movies a lot...)