This was originally recorded by the The La's, a promising band from England who developed a cult following in America. They released it as a single in 1988, but it didn't chart. In 1990, when The La's finally released their first album, they re-released "There She Goes" as a single - this time it charted at #13 in the UK and #49 in the US. Critics loved the album, but the La's disappeared soon after it was released.
Sixpence None The Richer's version became a hit when it was used in the movie Snow Day.
Many people believe the song is about shooting up heroin, with "she" being the drug.