Lyric discussion by hornytheclown 

Cover art for On The Drag lyrics by They Might Be Giants

The lyrics are out of order, and a little wrong (at least compared to the "They Got Lost" version; but there might be multiple versions).

The song's about a group of teens/posers trying to relive the 1970's punk scene of New York. The "drag" is St. Mark's Place (which is mentioned), a street that was a breeding ground for punks (and other artist) during the 70's. But they obviously can't relive or revive the scene and they don't seem understand "punk" anyways.

The leader of the group is seemingly very dedicated or delusional but completely misguided and foolish (which is where you get the asinine opening statement: "I won't die until I'm dead"). He's also may be conceded and pompous (Don't try to interrupt him, Cause he's never going to stop).

They try to recreate the scene but they end up just being bored and wasting their time. The narrator, who has become fed up, realizes the hypocrisy of their situation. He understands the group's leader is perhaps the most oblivious to their failure to become punk (he calls the leader a disaster and says he is the "king" which is a punk contradiction).

They don't understand the ideology surrounding the punk movement, so they are just trying to experience the elements of punk rock by acting/dressing like punks, getting drunk and contemplating things like "the allure of St. Mark's Place."

The narrator decides he wants out (As I try to walk away, From 1st Avenue to A).

The "time is standing still" line and references to time in general might be reiterating that they are unable to relive the past glory of punk. It might also be saying the group is stuck in a phase, and they as long as they try to be punk they can't mature.

By chance I heard I did hear the alternate version of this song so there is no problem with these lyrics.