Lyric discussion by ACA 

Cover art for Ghost Man on Third lyrics by Taking Back Sunday

I think that it's clear this is about drugs.. something like cocaine comes to mind because he's talking about slicing inches of his waist. This song is absolutely incredible.. it was my favorite Taking Back Sunday song six years ago and though that title has been tossed to a few different songs over the years ("The Ballad of Sal", "No I in Team"), I think it's back to being my favorite.

Reading the old 2002 comments makes me so nostalgic.. this band used to be something special.

My Interpretation