Lyric discussion by Lester_91 

Cover art for How To Handle A Rope lyrics by Queens of the Stone Age

I think its saying that its better to hang yourself, rather than slit your wrists

I rather think it´s Josh´s opinion about suicide in general that there is no real reason for suicidal actions and everybody who does deserves nothing less than hell. And wasting all your chances (life) is simply retarded. "devils and ropes around your neck..."