Lyric discussion by walterw 

Hank is Neil's guitar that was once owned by Hank Williams. Neil has had this guitar for many years. It represents an older type of music. Then Hendrix came along and did things with a guitar that have never been surpassed.
Neil was a typical horny teen boy around 1960 with a crush on Monroe, but then she died. Today (c 1992 when song came out), Madonna is the sex symbol. But whereas with the guitar something was gained, in this case something was lost. Similarly, the lust he initially had for his wife has declined and he wonders if they will just be another California couple who divorce. However, he has children (with disabilities) with this woman and hopes to continue together.

An error occured.