This Is Hell Lyrics

Lyric discussion by CoffeeStains 

Cover art for This Is Hell lyrics by Elvis Costello

So there is the obvious theme of hell being this "heaven stood on its head" realm of torment by a thousand little pin pricks, but I don't get what is obviously more subtle stuff: "you may think it looks familiar though you may know it by another name?" for instance. My guess is the naked starlets have drowned.