A lot of their songs are narrative, that is, they tell a story. In this case, he is talking about a super villain. Phrases that xxxx this are: brand X spandex (superhero's favorite clothing), "dying" "from a device of her own making (mad scientist invention), "Nobody's all bad, nobody's all good" referencing the morality of super heroes verses super villains (she's not all bad), "famous mime" may be super villain face paint (like the Joker), "he's a time-bomb, time-bomb" is her villainous character, "I knew she couldn't hang," may be that she's escaped punishment (as opposed to hand like hanging out, or hang with us). As always, I may be completely wrong.
A lot of their songs are narrative, that is, they tell a story. In this case, he is talking about a super villain. Phrases that xxxx this are: brand X spandex (superhero's favorite clothing), "dying" "from a device of her own making (mad scientist invention), "Nobody's all bad, nobody's all good" referencing the morality of super heroes verses super villains (she's not all bad), "famous mime" may be super villain face paint (like the Joker), "he's a time-bomb, time-bomb" is her villainous character, "I knew she couldn't hang," may be that she's escaped punishment (as opposed to hand like hanging out, or hang with us). As always, I may be completely wrong.