Lyric discussion by wandastarbright 

Cover art for Bangkok lyrics by Libertines, The

I love how shamelessly phallic "like a sausage up an alleyway" is haha.. But yeah, I'd say it's about love, sleaze, and drugs. "Pound of flesh" is a reference to Shakespeare's Merchant Of Venice, in which a wealthy Jew, Shylock, lends a merchant money on the condition that if he doesn't return it by a certain date, Shylock gets to choose a pound of flesh to cut off from anywhere on the merchant's body.