Lyric discussion by burstwurst 

This song is actually about a period in the singers life when he drove a 1965 Fiat 500F. He was driving to Chicago one day after stealing his grandfather's bronze medal. (The terms "Grandfather's Jacket and Glasses" is code of sorts for this)

He was going to Chicago to sell the medal in order to finance the recording of the band's first demo. On a back road while on the trip, he hit a patch of black ice.

Coincidentally, this was at the same time that Ozzy Osbourne's plane was swooping at the bus that Randy Rhodes was traveling in. He was behind the bus and when the plane swooped down causing the bus, it caused him to lose control of his car as well.

In the aftermath of the accident, he tried to save Randy Rhodes by lifting the bus, but was unable to. Distraught with his meager diminutive stature, he walked over to his car, which had landed on its side during the accident, and by the Hammer of Thor, he lifted the car back into its upright position.

So, the song is actually about lifting a car, albeit a small one.

somehow, I really doubt this

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