Lyric discussion by luciatwothreefour 

Surely (as has already been said by a few people) this is about a deal with the devil?

More specifically, I think it's a retelling of the Faust myth: en.wikipedia.org/wiki/Faust

from wikipedia: Faust is bored and disappointed. He decides to call on the Devil for further knowledge and magic powers with which to indulge all the pleasure and knowledge of the world. In response, the Devil's representative, Mephistopheles, appears. He makes a bargain with Faust: Mephistopheles will serve Faust with his magic powers for a term of years, but at the end of the term, the devil will claim Faust's soul and Faust will be eternally damned. During the term of the bargain, Faust makes use of Mephistopheles in various ways. In many versions of the story, particularly Goethe's drama, Mephistopheles helps him to seduce a beautiful and innocent girl, usually named Gretchen, whose life is ultimately destroyed.

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