Lyric discussion by gsendrino 

Cover art for Laughing Stock lyrics by Grandaddy

I used to work for Grandaddy as a graphic artist via their management company, 3am. I believe the reference to "110" is referring to an old synthesizer. "This time we'll trade the strings for old 110." I could be wrong, but I love this song and I've thought about it's meaning for a long time. I think the comments made by Seifyr are mostly correct, that it's about a song, but I believe it is specifically about the very song you're hearing, as you're hearing it.