Lyric discussion by Poopson 

Cover art for Good For Your Soul lyrics by Oingo Boingo

I agree with ARCX that the song might actually be about masturbation, and giving into vices under severe mental pressure. "You grab for it (your penis) and then, the whole thing (ejaculate) slips right through your fingers". "Once or twice is good for your soul" is a justification used by the speaking character.

My Interpretation
Negative
Subjective
Disgust
Masturbation
Vices
Mental Pressure
Ejaculation
Justification