Lyric discussion by voice.of.reason? 

Cover art for Bandoliers lyrics by Them Crooked Vultures

This sounds so awesome

When I first heard it, all I thought about was a bank robbery.

I thought it was kind of like a couple go in to rob a bank or some kidnapping crime, but one of them backs out when the other gets over zealous.

The one who backed out still loves her even though he's staring down the barrel of a revolver. I thought it was just that guy saying, "I can't go through with this. I'm out. You want to pull a gun on me? Fine. Go ahead. I won't try to fight you; I love you too much for that."

At this point, a classic movie point, the enraged person is stuck threatening someone who will not threaten them back, making the kill a lot harder. And no matter how much she clicks the gun or pushes it further in the guy's face, she can't make the guy draw his gun on her.

However, we're left with an open ending, so what happened to the guy is up to the interpreter.

Personally, I think the guy gets his head blown out, and turns the whole thing into a murder suicide, but that's my imagination getting the better of me...