Lyric discussion by H4T3M4CH1N3 

Cover art for Dickeye lyrics by Jerry Cantrell

I feel this is a song about Layne. One man (Layne) wasting another man (Jerry). One hand (Jerry) washes the other hand (Layne). Especially true when you take into account the Unplugged thing when Layne messes the lyrics for "Sludge Factory" and then Jerry has to speak up for him trying to cool things down.

Also, us Chileans have the following phrase: "pico en el ojo" which is pretty much what "dickeye" means (Dick in the eye), whenever someone tries to take advantage on you (f.ex. Someone selling you a fake iPhone instead of the real thing). I think maybe Jerry felt that way regarding how AiC turned out to be at the end of the nineties.