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I think the song is about selling your soul to the devil (or his pimp), 'you made a promise that you couldn't keep', you didn't hold up your end of the bargin and now the devil is punishing you.
I think the song is about selling your soul to the devil (or his pimp), 'you made a promise that you couldn't keep', you didn't hold up your end of the bargin and now the devil is punishing you.