Lyric discussion by OstPaxinesVight 

Cover art for Hold My Life lyrics by Replacements, The

I am pretty sure he was writing a song about Razzle from Hanoi Rocks. Yes I see he was obviously using that reference from the 60s cartoon, but who's to say he's not doing both.
What I always think of is Razzle going out of the picture, as he was a placeholder in the music industry then these guys waiting in the wings and getting famous. So Razzle could be said to be holding the life for them. He goes home to god, and now they come alive to fill the vacancy. Probably just imagining things. But I am sure the Razzle death made plenty of headlines though not ones I was likely to see as an 11 year old. But Paul not so much. I'm sure he was kept apprized of something like that in his Skyway cafe.

Positive
Subjective
Enjoyment
Sadness
Fame
Tragedy
Music Industry
Death