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This song is about a guy and a girl who decide to take their relationship to the next level, but when it comes down to it the guy isn't sure that he's ready, and thinks they should just hold each other instead. In the end, he relents to her wishes and does it. (thanks, alatriel - lothlorien, Other)
"Sic Transit Gloria" is Latin for "Glory Fades." During the Roman Empire, when a general returned to Rome after a successful campaign, he would be welcomed with a huge parade; he would then show off all the foreign treasure he had captured, as well as slaves and exotic animals. He would ride in a chariot leading the way. He would be greeted with tens of thousands of Roman citizens praising him, and showering him with gifts. The emperors, who resided in Rome, usually became afraid that the General would attempt a coup, so he would have one of his servants ride in the Chariot with the general and whisper in his ear throughout the ceremony, "Sic Transit Gloria" (Glory fades, or all glory is fleeting) to remind the general that his popularity would not last, so he shouldn't become arrogant over his success.
The album title is translated from French meaning "already heard/understood." Many bands choose to give some of their songs and albums foreign names. One example would be from AFI - "Miseria Cantare" - Latin for "sing the sorrow." Also, The Police album titles Regatta de Blanc and Outlandos D'Amour. (thanks, Kaity - Harrisburg, PA)