Lyric discussion by NoneMoreNegative 

Cover art for 3.O.I.F. lyrics by Type O Negative

It's a well-hidden Beatles reference. The story behind this song (as well as Machine Screw, Fay Wray Come Out and Play, and Dark Side of the Womb) is that Josh Silver made a bunch of fun soundscape tracks while they were recording Bloody Kisses, and Peter loved them and said f*** it, let's put them on the album. This one in particular is referencing the "Paul is Dead" controversy. On the Abbey Road album cover the car license plate said 28IF, as in "Paul would be '28 if' he didn't die". This is changed to "Peter is dead", and he would have been "30 if" he didn't, and his cause of death is the motorcycle accident we hear in this soundscape.